Summit Therapeutics (NASDAQ:SMMT) Shares Down 4.7% – Here’s Why

Summit Therapeutics PLC (NASDAQ:SMMT) dropped 4.7% during trading on Friday . The company traded as low as $12.99 and last traded at $13.3480. Approximately 1,594,382 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 3,955,497 shares. The stock had previously closed at $14.00.

Analyst Ratings Changes

A number of research firms have issued reports on SMMT. Wall Street Zen downgraded shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, July 18th. Guggenheim lowered their target price on shares of Summit Therapeutics from $40.00 to $38.00 and set a “buy” rating for the company in a report on Friday, July 24th. KeyCorp reissued an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Piper Sandler cut their price target on shares of Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Friday, May 1st. Finally, Jefferies Financial Group set a $15.00 price objective on shares of Summit Therapeutics in a research report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $24.25.

Summit Therapeutics Price Performance

The stock has a fifty day moving average of $14.26 and a 200 day moving average of $16.30. The firm has a market capitalization of $10.50 billion, a P/E ratio of -11.73 and a beta of -1.23.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Thursday, July 23rd. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Equities analysts forecast that Summit Therapeutics PLC will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Robert W. Duggan acquired 3,810,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was acquired at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the completion of the acquisition, the chief executive officer owned 573,883,879 shares of the company’s stock, valued at approximately $7,529,356,492.48. This represents a 0.67% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Manmeet Singh Soni acquired 50,000 shares of the stock in a transaction on Thursday, June 4th. The stock was bought at an average cost of $14.45 per share, for a total transaction of $722,500.00. Following the transaction, the chief financial officer owned 3,123,603 shares of the company’s stock, valued at approximately $45,136,063.35. This trade represents a 1.63% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have purchased 7,870,000 shares of company stock valued at $103,616,900. 83.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Baker BROS. Advisors LP raised its stake in shares of Summit Therapeutics by 7.9% in the fourth quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock valued at $636,480,000 after buying an additional 2,668,089 shares during the period. TD Asset Management Inc grew its stake in shares of Summit Therapeutics by 124.2% during the 4th quarter. TD Asset Management Inc now owns 1,205,272 shares of the company’s stock worth $21,080,000 after acquiring an additional 667,742 shares during the period. Polymer Capital Management HK LTD grew its stake in shares of Summit Therapeutics by 73.9% during the 4th quarter. Polymer Capital Management HK LTD now owns 1,421,155 shares of the company’s stock worth $24,856,000 after acquiring an additional 603,879 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in Summit Therapeutics in the 1st quarter worth about $2,269,000. Finally, Norges Bank purchased a new stake in Summit Therapeutics in the 4th quarter worth about $24,030,000. 4.61% of the stock is owned by institutional investors.

About Summit Therapeutics

Summit Therapeutics plc is a clinical?stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life?threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.