Summit Therapeutics’ (SMMT) “Neutral” Rating Reiterated at HC Wainwright

HC Wainwright restated their neutral rating on shares of Summit Therapeutics (NASDAQ:SMMT) in a report released on Wednesday,Benzinga reports.

Several other equities research analysts also recently issued reports on SMMT. Jefferies Financial Group set a $15.00 price target on Summit Therapeutics in a research report on Friday, July 24th. Stifel Nicolaus cut their price objective on Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating for the company in a research report on Friday, July 24th. Piper Sandler decreased their target price 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. Leerink Partners raised Summit Therapeutics from an “underperform” rating to a “market perform” rating and raised their target price for the company from $12.00 to $13.00 in a report on Wednesday, August 12th. Finally, Guggenheim dropped their price target on Summit Therapeutics from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $24.07.

Summit Therapeutics Trading Down 4.2%

NASDAQ SMMT opened at $13.73 on Wednesday. Summit Therapeutics has a 1 year low of $12.07 and a 1 year high of $29.23. The company has a fifty day simple moving average of $14.12 and a 200 day simple moving average of $16.15. The company has a market cap of $10.95 billion, a P/E ratio of -12.26 and a beta of -1.23.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Thursday, July 23rd. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Equities research analysts forecast that Summit Therapeutics will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Manmeet Singh Soni purchased 50,000 shares of the business’s stock in a transaction on Thursday, June 4th. The stock was purchased at an average price of $14.45 per share, with a total value of $722,500.00. Following the acquisition, the chief financial officer directly owned 3,123,603 shares in the company, valued at approximately $45,136,063.35. The trade was a 1.63% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Mahkam Zanganeh acquired 3,810,000 shares of Summit Therapeutics stock in a transaction on Friday, June 12th. The stock was purchased at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the transaction, the chief executive officer directly owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 7,870,000 shares of company stock valued at $103,616,900 over the last three months. 83.50% of the stock is owned by corporate insiders.

Institutional Trading of Summit Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. California State Teachers Retirement System raised its stake in shares of Summit Therapeutics by 334.8% in the second quarter. California State Teachers Retirement System now owns 27,785 shares of the company’s stock valued at $405,000 after purchasing an additional 21,394 shares in the last quarter. AXQ Capital LP lifted its position in Summit Therapeutics by 98.1% in the second quarter. AXQ Capital LP now owns 93,624 shares of the company’s stock worth $1,364,000 after purchasing an additional 46,356 shares during the period. Nykredit A S acquired a new stake in Summit Therapeutics during the second quarter worth $111,000. Two Sigma Securities LLC acquired a new stake in Summit Therapeutics during the second quarter worth $182,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Summit Therapeutics by 13.4% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 90,338 shares of the company’s stock valued at $1,316,000 after buying an additional 10,642 shares during the period. 4.61% of the stock is currently owned by institutional investors.

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.