Summit Therapeutics PLC (NASDAQ:SMMT – Get Free Report)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $13.81 and last traded at $14.11, with a volume of 5489654 shares changing hands. The stock had previously closed at $14.77.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on SMMT shares. Sanford C. Bernstein started coverage on Summit Therapeutics in a research report on Thursday, May 21st. They issued an “underperform” rating and a $7.70 target price on the stock. Piper Sandler lowered their target price on Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Friday, May 1st. Wall Street Zen downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday, May 18th. Zacks Research raised Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. Finally, HC Wainwright downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $26.05.
Check Out Our Latest Research Report on Summit Therapeutics
Summit Therapeutics Stock Down 4.5%
Summit Therapeutics (NASDAQ:SMMT – Get Free Report) last posted its quarterly earnings results on Friday, May 1st. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. Research analysts expect that Summit Therapeutics PLC will post -1.18 EPS for the current year.
Insider Buying and Selling
In other Summit Therapeutics news, CEO Mahkam Zanganeh purchased 100,000 shares of Summit Therapeutics stock in a transaction that occurred on Thursday, June 4th. The stock was acquired at an average price of $14.60 per share, for a total transaction of $1,460,000.00. Following the completion of the acquisition, the chief executive officer owned 25,824,474 shares of the company’s stock, valued at approximately $377,037,320.40. This trade represents a 0.39% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert W. Duggan purchased 100,000 shares of Summit Therapeutics stock in a transaction that occurred on Thursday, June 4th. The shares were acquired at an average price of $14.60 per share, with a total value of $1,460,000.00. Following the acquisition, the chief executive officer directly owned 25,824,474 shares of the company’s stock, valued at $377,037,320.40. This trade represents a 0.39% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders acquired 250,000 shares of company stock worth $3,642,500. Company insiders own 83.50% of the company’s stock.
Institutional Investors Weigh In On Summit Therapeutics
A number of institutional investors have recently made changes to their positions in the company. Baker BROS. Advisors LP boosted its holdings in shares of Summit Therapeutics by 7.9% during the fourth 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 during the period. Vanguard Group Inc. boosted its holdings in shares of Summit Therapeutics by 31.2% during the third quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock worth $235,105,000 after acquiring an additional 2,706,056 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Summit Therapeutics by 106.5% during 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 acquiring an additional 4,832,592 shares during the period. State Street Corp boosted its holdings in shares of Summit Therapeutics by 4.3% during the fourth quarter. State Street Corp now owns 6,636,361 shares of the company’s stock worth $116,070,000 after acquiring an additional 274,425 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of Summit Therapeutics by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 3,147,480 shares of the company’s stock worth $55,063,000 after acquiring an additional 14,745 shares during the period. 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.
Read More
- Five stocks we like better than Summit Therapeutics
- 3 Stocks With Fresh Catalysts to Watch Before the July 4
- Amprius Insiders Are Selling: Should Investors Be Worried?
- A Weaker Dollar Could Put These 3 Industrial Stocks Back in Focus
- A Market Rotation Toward Quality Will Benefit These 3 ETFs
Receive News & Ratings for Summit Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.
