Summit Therapeutics PLC (NASDAQ:SMMT) Given Average Rating of “Moderate Buy” by Analysts

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) have been assigned a consensus rating of “Moderate Buy” from the eighteen analysts that are presently covering the stock, MarketBeat Ratings reports. Four investment analysts have rated the stock with a sell rating, two have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $31.1429.

Several brokerages have issued reports on SMMT. Wall Street Zen cut shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. HC Wainwright decreased their price target on shares of Summit Therapeutics from $50.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, October 21st. Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, September 8th. JMP Securities restated a “market outperform” rating and issued a $40.00 price target on shares of Summit Therapeutics in a research report on Monday, October 20th. Finally, Evercore ISI upped their price target on shares of Summit Therapeutics from $30.00 to $34.00 and gave the company an “outperform” rating in a research report on Tuesday, August 12th.

Insider Activity

In other Summit Therapeutics news, CEO Mahkam Zanganeh purchased 26,680 shares of Summit Therapeutics stock in a transaction that occurred on Tuesday, October 21st. The stock was acquired at an average price of $18.74 per share, with a total value of $499,983.20. Following the transaction, the chief executive officer owned 76,680 shares in the company, valued at $1,436,983.20. This trade represents a 53.36% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert W. Duggan acquired 26,680 shares of the business’s stock in a transaction on Tuesday, October 21st. The shares were purchased at an average cost of $18.74 per share, for a total transaction of $499,983.20. Following the completion of the acquisition, the chief executive officer directly owned 76,680 shares in the company, valued at approximately $1,436,983.20. The trade was a 53.36% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased 1,263,765 shares of company stock worth $22,969,461 in the last quarter. 84.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in Summit Therapeutics in the 2nd quarter valued at about $29,576,000. APEIRON CAPITAL Ltd raised its stake in Summit Therapeutics by 9.2% in the 3rd quarter. APEIRON CAPITAL Ltd now owns 1,310,941 shares of the company’s stock valued at $27,084,000 after acquiring an additional 110,000 shares during the period. Fiera Capital Corp bought a new stake in Summit Therapeutics in the 2nd quarter valued at about $16,659,000. Siren L.L.C. bought a new stake in Summit Therapeutics in the 1st quarter valued at about $13,407,000. Finally, Bank of America Corp DE raised its stake in Summit Therapeutics by 53.3% in the 2nd quarter. Bank of America Corp DE now owns 566,147 shares of the company’s stock valued at $12,048,000 after acquiring an additional 196,925 shares during the period. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Stock Performance

SMMT stock opened at $18.07 on Friday. Summit Therapeutics has a 52 week low of $15.55 and a 52 week high of $36.91. The company’s 50-day simple moving average is $20.54 and its 200 day simple moving average is $23.22. The company has a market capitalization of $13.93 billion, a PE ratio of -14.57 and a beta of -1.21.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Monday, October 20th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.17). On average, analysts forecast that Summit Therapeutics will post -0.3 EPS for the current year.

About Summit Therapeutics

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company’s lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.