Summit Therapeutics PLC (NASDAQ:SMMT – Get Free Report)’s stock price reached a new 52-week low on Tuesday . The stock traded as low as $12.37 and last traded at $12.4050, with a volume of 1017435 shares. The stock had previously closed at $13.10.
Analyst Ratings Changes
Several equities research analysts have recently commented on the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a report on Friday. Citigroup assumed coverage on shares of Summit Therapeutics in a report on Wednesday, April 8th. They set a “buy” rating on the stock. Sanford C. Bernstein initiated coverage on shares of Summit Therapeutics in a research note on Thursday, May 21st. They issued an “underperform” rating and a $7.70 price target for the company. Wall Street Zen downgraded shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, July 18th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Summit Therapeutics has a consensus rating of “Hold” and a consensus price target of $26.15.
Get Our Latest Research Report on SMMT
Summit Therapeutics Trading Down 5.4%
Summit Therapeutics (NASDAQ:SMMT – Get Free Report) last posted 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, sell-side analysts forecast that Summit Therapeutics PLC will post -1.18 EPS for the current fiscal year.
Insider Activity at Summit Therapeutics
In related news, CEO Mahkam Zanganeh purchased 3,810,000 shares of the stock in a transaction on Friday, June 12th. The shares were purchased at an average cost 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. The trade was a 0.67% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Manmeet Singh Soni acquired 50,000 shares of Summit Therapeutics stock in a transaction dated Thursday, June 4th. The shares were 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 owned 3,123,603 shares of the company’s stock, valued at approximately $45,136,063.35. This trade represents a 1.63% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have purchased 7,870,000 shares of company stock worth $103,616,900. Insiders own 83.50% of the company’s stock.
Institutional Investors Weigh In On Summit Therapeutics
Hedge funds and other institutional investors have recently made changes to their positions in the business. Ball & Co Wealth Management Inc. acquired a new stake in Summit Therapeutics during the first quarter worth approximately $28,000. Kestra Advisory Services LLC bought a new position in shares of Summit Therapeutics in the fourth quarter worth $28,000. T. Rowe Price Investment Management Inc. increased its position in shares of Summit Therapeutics by 2,654.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after purchasing an additional 1,805 shares during the period. Parallel Advisors LLC acquired a new position in Summit Therapeutics in the third quarter valued at about $39,000. Finally, Truvestments Capital LLC lifted its position in Summit Therapeutics by 200.2% during the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock worth $46,000 after purchasing an additional 1,736 shares during the period. 4.61% of the stock is currently owned by institutional investors and hedge funds.
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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