Summit Therapeutics (NASDAQ:SMMT) Given “Neutral” Rating at HC Wainwright

Summit Therapeutics (NASDAQ:SMMT)‘s stock had its “neutral” rating reaffirmed by research analysts at HC Wainwright in a research note issued to investors on Tuesday,Benzinga reports.

Several other research analysts also recently commented on SMMT. Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a report on Friday, July 17th. Leerink Partners upgraded Summit Therapeutics from an “underperform” rating to a “market perform” rating and boosted their target price for the stock from $12.00 to $13.00 in a research report on Wednesday, August 12th. Piper Sandler dropped their price target on Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Friday, May 1st. KeyCorp restated an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. Finally, Wall Street Zen cut Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $24.25.

Summit Therapeutics Price Performance

Shares of SMMT stock traded down $0.15 during mid-day trading on Tuesday, hitting $12.63. The company had a trading volume of 570,469 shares, compared to its average volume of 4,030,917. Summit Therapeutics has a 52-week low of $12.07 and a 52-week high of $30.05. The stock’s 50 day moving average price is $14.20 and its 200-day moving average price is $16.25. The company has a market capitalization of $10.07 billion, a P/E ratio of -11.31 and a beta of -1.23.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results 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). On average, equities research analysts expect that Summit Therapeutics will post -1.2 earnings per share for the current year.

Insider Buying and Selling at Summit Therapeutics

In other Summit Therapeutics news, CEO Mahkam Zanganeh acquired 3,810,000 shares of the company’s stock in a transaction on Friday, June 12th. The stock was acquired at an average cost 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 purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Robert W. Duggan acquired 3,810,000 shares of the company’s stock in a transaction on Friday, June 12th. The stock was acquired at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the purchase, the chief executive officer directly owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. This represents a 0.67% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired 7,870,000 shares of company stock worth $103,616,900 over the last 90 days. 83.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SMMT. Ball & Co Wealth Management Inc. purchased a new position in Summit Therapeutics in the first quarter worth about $28,000. Kestra Advisory Services LLC purchased a new stake in Summit Therapeutics during the fourth quarter valued at approximately $28,000. Parallel Advisors LLC purchased a new stake in Summit Therapeutics during the third quarter valued at approximately $39,000. T. Rowe Price Investment Management Inc. lifted its stake in shares of Summit Therapeutics by 2,654.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after purchasing an additional 1,805 shares during the last quarter. Finally, Truvestments Capital LLC lifted its stake in shares of Summit Therapeutics by 200.2% in the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock valued at $46,000 after purchasing an additional 1,736 shares during the last quarter. Institutional investors own 4.61% of the company’s stock.

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.