Summit Therapeutics PLC (NASDAQ:SMMT) Given Consensus Recommendation of “Hold” by Brokerages

Summit Therapeutics PLC (NASDAQ:SMMT) has been assigned an average recommendation of “Hold” from the seventeen analysts that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $27.2250.

SMMT has been the topic of a number of recent research reports. Citigroup initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, April 8th. They set a “buy” rating on the stock. Jefferies Financial Group lowered shares of Summit Therapeutics from a “buy” rating to a “hold” rating and lowered their price target for the stock from $42.00 to $15.00 in a research report on Monday, March 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Tuesday, April 21st. Stifel Nicolaus initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, April 8th. They set a “buy” rating and a $45.00 price target on the stock. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st.

Insider Buying and Selling

In other Summit Therapeutics news, CFO Manmeet Singh Soni purchased 50,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were acquired at an average cost of $14.45 per share, with a total value of $722,500.00. Following the completion of the transaction, the chief financial officer owned 3,123,603 shares in the company, valued at $45,136,063.35. The trade was a 1.63% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mahkam Zanganeh purchased 3,810,000 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were acquired at an average cost of $13.12 per share, for a total transaction of $49,987,200.00. Following the completion of the transaction, the chief executive officer owned 573,883,879 shares of the company’s stock, valued at $7,529,356,492.48. This trade represents a 0.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have acquired 7,870,000 shares of company stock valued at $103,616,900. 83.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Summit Therapeutics by 1.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock worth $1,273,000 after buying an additional 694 shares during the period. Fifth Third Bancorp boosted its position in Summit Therapeutics by 24.4% during the 1st quarter. Fifth Third Bancorp now owns 3,732 shares of the company’s stock worth $71,000 after buying an additional 732 shares during the period. Sei Investments Co. boosted its position in Summit Therapeutics by 3.3% during the 3rd quarter. Sei Investments Co. now owns 27,163 shares of the company’s stock worth $561,000 after buying an additional 860 shares during the period. Levin Capital Strategies L.P. boosted its position in Summit Therapeutics by 2.7% during the 4th quarter. Levin Capital Strategies L.P. now owns 37,676 shares of the company’s stock worth $659,000 after buying an additional 1,000 shares during the period. Finally, State of Wisconsin Investment Board boosted its position in Summit Therapeutics by 1.1% during the 4th quarter. State of Wisconsin Investment Board now owns 92,882 shares of the company’s stock worth $1,625,000 after buying an additional 1,047 shares during the period. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Price Performance

Shares of SMMT opened at $13.75 on Friday. The firm has a market capitalization of $10.67 billion, a PE ratio of -8.59 and a beta of -1.32. The company’s 50-day moving average is $18.04 and its 200-day moving average is $17.22. Summit Therapeutics has a fifty-two week low of $12.55 and a fifty-two week high of $30.98.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data on Friday, May 1st. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.03. Analysts predict that Summit Therapeutics will post -1.18 earnings per share for the current fiscal year.

Summit Therapeutics Company Profile

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.