Summit Therapeutics PLC (NASDAQ:SMMT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Summit Therapeutics PLC (NASDAQ:SMMT) has been given a consensus rating of “Moderate Buy” by the eighteen brokerages that are covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a sell recommendation, two have given a hold recommendation, eleven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $31.1429.

A number of brokerages have recently issued reports on SMMT. Guggenheim reaffirmed a “buy” rating and set a $40.00 price target on shares of Summit Therapeutics in a report on Wednesday, October 22nd. HC Wainwright decreased their target price on shares of Summit Therapeutics from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, October 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Wednesday, October 8th. Piper Sandler assumed coverage on Summit Therapeutics in a report on Monday, August 18th. They issued a “neutral” rating and a $21.00 target price on the stock. Finally, Zacks Research raised Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th.

Summit Therapeutics Stock Performance

Shares of SMMT stock opened at $18.18 on Friday. Summit Therapeutics has a one year low of $15.55 and a one year high of $36.91. The company has a market capitalization of $14.02 billion, a price-to-earnings ratio of -14.66 and a beta of -1.21. The company’s 50-day moving average is $20.31 and its 200 day moving average is $23.14.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Monday, October 20th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.17). As a group, research analysts predict that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Insider Activity at Summit Therapeutics

In other Summit Therapeutics news, CEO Robert W. Duggan purchased 26,680 shares of the firm’s stock in a transaction on Tuesday, October 21st. The shares were acquired at an average cost of $18.74 per share, for a total transaction of $499,983.20. Following the completion of the transaction, the chief executive officer owned 76,680 shares of the company’s stock, valued at approximately $1,436,983.20. The trade was a 53.36% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mahkam Zanganeh acquired 26,680 shares of the business’s stock in a transaction dated Tuesday, October 21st. The shares were acquired at an average cost 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 approximately $1,436,983.20. This trade represents a 53.36% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders acquired 1,263,765 shares of company stock worth $22,969,461. 84.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Golden State Wealth Management LLC grew its stake in shares of Summit Therapeutics by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock valued at $29,000 after acquiring an additional 751 shares during the period. Ball & Co Wealth Management Inc. bought a new stake in Summit Therapeutics during the 2nd quarter worth approximately $31,000. Crowley Wealth Management Inc. lifted its holdings in Summit Therapeutics by 66.7% during the third quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock valued at $31,000 after purchasing an additional 600 shares in the last quarter. CWM LLC boosted its position in shares of Summit Therapeutics by 3,455.3% in the first quarter. CWM LLC now owns 1,671 shares of the company’s stock worth $32,000 after purchasing an additional 1,624 shares during the period. Finally, SBI Securities Co. Ltd. increased its stake in shares of Summit Therapeutics by 34.1% in the second quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock worth $37,000 after purchasing an additional 447 shares in the last quarter. Institutional investors own 4.61% of the company’s stock.

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.