Summit Therapeutics PLC (NASDAQ:SMMT – Get Free Report)’s stock price was down 6% on Monday . The stock traded as low as $13.91 and last traded at $13.8850. Approximately 3,225,443 shares changed hands during trading, a decline of 11% from the average daily volume of 3,613,418 shares. The stock had previously closed at $14.77.
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on SMMT shares. Stifel Nicolaus started coverage on Summit Therapeutics in a report on Wednesday, April 8th. They set a “buy” rating and a $45.00 price objective on the stock. HC Wainwright lowered Summit Therapeutics from a “buy” rating to a “neutral” rating in a report on Friday, May 22nd. Jefferies Financial Group lowered Summit Therapeutics from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $42.00 to $15.00 in a report on Monday, March 16th. Citigroup started coverage on Summit Therapeutics in a report on Wednesday, April 8th. They set a “buy” rating on the stock. Finally, KeyCorp reissued an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Summit Therapeutics currently has an average rating of “Hold” and an average price target of $26.05.
Check Out Our Latest Research Report on SMMT
Summit Therapeutics Stock Performance
Summit Therapeutics (NASDAQ:SMMT – Get Free Report) last posted its earnings results on Friday, May 1st. The company reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.03. Sell-side analysts anticipate that Summit Therapeutics PLC will post -1.18 EPS for the current fiscal year.
Insider Buying and Selling at Summit Therapeutics
In other Summit Therapeutics news, CFO Manmeet Singh Soni acquired 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, for a total transaction of $722,500.00. Following the transaction, the chief financial officer owned 3,123,603 shares in the company, valued at $45,136,063.35. This trade represents a 1.63% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert W. Duggan acquired 100,000 shares of the business’s stock in a transaction on Thursday, June 4th. The stock was acquired at an average price of $14.60 per share, with a total value of $1,460,000.00. Following the transaction, the chief executive officer owned 25,824,474 shares in the company, valued at approximately $377,037,320.40. The trade was a 0.39% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders acquired 250,000 shares of company stock worth $3,642,500. 83.50% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Summit Therapeutics
Several institutional investors have recently bought and sold shares of SMMT. Price T Rowe Associates Inc. MD raised its position in 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 valued at $163,907,000 after purchasing an additional 4,832,592 shares during the last quarter. Vanguard Group Inc. raised its position in Summit Therapeutics by 31.2% in the 3rd quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock valued at $235,105,000 after purchasing an additional 2,706,056 shares during the last quarter. Baker BROS. Advisors LP raised its position 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 valued at $636,480,000 after purchasing an additional 2,668,089 shares during the last quarter. Norges Bank bought a new position in Summit Therapeutics in the 4th quarter valued at $24,030,000. Finally, TD Asset Management Inc raised its position in Summit Therapeutics by 124.2% in the 4th quarter. TD Asset Management Inc now owns 1,205,272 shares of the company’s stock valued at $21,080,000 after purchasing an additional 667,742 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.
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