Summit Therapeutics (NASDAQ:SMMT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Summit Therapeutics (NASDAQ:SMMT) from a sell rating to a hold rating in a research note published on Saturday morning,Wall Street Zen reports.

SMMT has been the topic of several other research reports. Leerink Partners upgraded shares of Summit Therapeutics from an “underperform” rating to a “market perform” rating and boosted their price target for the company from $12.00 to $13.00 in a research report on Wednesday, August 12th. Jefferies Financial Group set a $15.00 price target on Summit Therapeutics in a research report on Friday, July 24th. Stifel Nicolaus lowered their price objective on Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating on the stock in a research report on Friday, July 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a report on Friday, July 17th. Finally, Summit Redstone set a $11.90 price objective on Summit Therapeutics in a report on Tuesday, August 25th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $24.07.

Summit Therapeutics Stock Performance

Shares of Summit Therapeutics stock opened at $17.60 on Friday. The stock has a market capitalization of $14.04 billion, a price-to-earnings ratio of -15.71 and a beta of -1.24. Summit Therapeutics has a 52-week low of $12.07 and a 52-week high of $29.23. The company’s 50 day moving average price is $14.31 and its 200-day moving average price is $16.19.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Thursday, July 23rd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). As a group, equities research analysts forecast that Summit Therapeutics will post -1.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In related 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 price of $13.12 per share, with a total value of $49,987,200.00. Following the acquisition, the chief executive officer directly owned 573,883,879 shares of the company’s stock, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO Robert W. Duggan purchased 3,810,000 shares of the business’s stock in a transaction 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 acquisition, the chief executive officer directly owned 573,883,879 shares in the company, valued at $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. 83.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of Summit Therapeutics in the 2nd quarter worth approximately $138,838,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Summit Therapeutics by 106.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock worth $163,907,000 after purchasing an additional 4,832,592 shares during the last quarter. Baker BROS. Advisors LP grew its stake in Summit Therapeutics by 7.9% in the 4th quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock worth $636,480,000 after acquiring an additional 2,668,089 shares in the last quarter. Norges Bank purchased a new stake in shares of Summit Therapeutics in the 4th quarter worth $24,030,000. Finally, Bank of America Corp DE bought a new position in shares of Summit Therapeutics in the 2nd quarter worth $12,603,000. 4.61% of the stock is owned by hedge funds and other 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.