Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 8.4% – Should You Buy?

Summit Therapeutics PLC (NASDAQ:SMMT) shares traded up 8.4% during mid-day trading on Thursday . The company traded as high as $15.40 and last traded at $15.5930. Approximately 615,198 shares were traded during trading, a decline of 85% from the average session volume of 3,990,795 shares. The stock had previously closed at $14.38.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. KeyCorp restated an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. Piper Sandler dropped their price objective on shares of Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Friday, May 1st. Wall Street Zen lowered shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday, May 18th. Stifel Nicolaus initiated coverage on shares of Summit Therapeutics in a research note on Wednesday, April 8th. They issued a “buy” rating and a $45.00 target price on the stock. Finally, Citigroup started coverage on shares of Summit Therapeutics in a report on Wednesday, April 8th. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $26.97.

Summit Therapeutics Stock Performance

The stock has a fifty day simple moving average of $16.81 and a two-hundred day simple moving average of $17.00. The stock has a market cap of $11.82 billion, a PE ratio of -9.53 and a beta of -1.26.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Friday, May 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.03. On average, equities analysts predict that Summit Therapeutics PLC will post -1.18 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Mahkam Zanganeh purchased 3,810,000 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were purchased at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the purchase, the chief executive officer directly 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 filing with the SEC, which can be accessed through this link. Also, CEO Robert W. Duggan acquired 3,810,000 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was purchased at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the transaction, the chief executive officer owned 573,883,879 shares in the company, valued at $7,529,356,492.48. The trade was a 0.67% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 7,870,000 shares of company stock valued at $103,616,900 in the last quarter. Company insiders own 83.50% of the company’s stock.

Institutional Investors Weigh In On Summit Therapeutics

A number of hedge funds have recently bought and sold shares of SMMT. Parallel Advisors LLC raised its position in shares of Summit Therapeutics by 4,178.0% in the 1st quarter. Parallel Advisors LLC now owns 2,139 shares of the company’s stock valued at $41,000 after purchasing an additional 2,089 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Summit Therapeutics by 25.4% in the first quarter. Bank of America Corp DE now owns 598,692 shares of the company’s stock worth $11,351,000 after buying an additional 121,299 shares during the last quarter. Royal Bank of Canada grew its holdings in Summit Therapeutics by 132.2% during the 1st quarter. Royal Bank of Canada now owns 7,422 shares of the company’s stock worth $141,000 after acquiring an additional 4,226 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Summit Therapeutics by 34.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 592,810 shares of the company’s stock worth $11,240,000 after acquiring an additional 151,857 shares in the last quarter. Finally, Quantinno Capital Management LP increased its position in shares of Summit Therapeutics by 415.5% in the 1st quarter. Quantinno Capital Management LP now owns 73,835 shares of the company’s stock worth $1,400,000 after purchasing an additional 59,512 shares during the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

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.