Summit Therapeutics PLC (NASDAQ:SMMT – Get Free Report) rose 4.9% during mid-day trading on Tuesday . The company traded as high as $14.24 and last traded at $14.2870. Approximately 1,362,987 shares changed hands during trading, a decline of 67% from the average daily volume of 4,155,141 shares. The stock had previously closed at $13.62.
Wall Street Analyst Weigh In
A number of research firms have weighed in on SMMT. Sanford C. Bernstein raised shares of Summit Therapeutics from an “underperform” rating to a “market perform” rating and lifted their price objective for the company from $9.80 to $11.90 in a report on Tuesday, August 25th. Summit Redstone set a $11.90 target price on Summit Therapeutics in a research report on Tuesday, August 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Friday, July 17th. Wall Street Zen cut Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, July 18th. Finally, HC Wainwright reissued a “neutral” rating on shares of Summit Therapeutics in a report on Wednesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $24.07.
Read Our Latest Report on SMMT
Summit Therapeutics Price Performance
Summit Therapeutics (NASDAQ:SMMT – Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). As a group, analysts predict that Summit Therapeutics PLC will post -1.2 earnings per share for the current year.
Insider Transactions at Summit Therapeutics
In other Summit Therapeutics news, CEO Robert W. Duggan bought 3,810,000 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were 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 $7,529,356,492.48. This trade represents a 0.67% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Manmeet Singh Soni bought 50,000 shares of the firm’s stock in a transaction on Thursday, June 4th. The stock was acquired at an average cost of $14.45 per share, for a total transaction of $722,500.00. Following the completion of the purchase, the chief financial officer directly owned 3,123,603 shares in the company, valued at approximately $45,136,063.35. This represents a 1.63% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have acquired 7,870,000 shares of company stock valued at $103,616,900. Corporate insiders own 83.50% of the company’s stock.
Institutional Investors Weigh In On Summit Therapeutics
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Summit Therapeutics during the second quarter worth $138,838,000. Price T Rowe Associates Inc. MD increased its stake in shares of Summit Therapeutics by 106.5% in the 4th 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 last quarter. Baker BROS. Advisors LP raised its holdings in shares of Summit Therapeutics by 7.9% during 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 during the period. Norges Bank purchased a new position in shares of Summit Therapeutics during the 4th quarter worth $24,030,000. Finally, Bank of America Corp DE acquired a new position in shares of Summit Therapeutics during the 2nd quarter valued at about $12,603,000. 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.
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