Summit Therapeutics (NASDAQ:SMMT) CEO Acquires $49,987,200.00 in Stock

Summit Therapeutics PLC (NASDAQ:SMMT) CEO Mahkam Zanganeh purchased 3,810,000 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were acquired at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the acquisition, the chief executive officer 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 purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Mahkam Zanganeh also recently made the following trade(s):

• On Thursday, June 4th, Mahkam Zanganeh purchased 100,000 shares of Summit Therapeutics stock. The shares were acquired at an average price of $14.60 per share, for a total transaction of $1,460,000.00.

Summit Therapeutics Stock Performance

Shares of NASDAQ:SMMT traded up $0.88 during mid-day trading on Friday, reaching $13.96. 6,729,861 shares of the company’s stock were exchanged, compared to its average volume of 3,764,049. The business’s fifty day moving average price is $18.65 and its 200-day moving average price is $17.37. The firm has a market capitalization of $10.84 billion, a price-to-earnings ratio of -8.74 and a beta of -1.32. Summit Therapeutics PLC has a twelve month low of $12.55 and a twelve month high of $30.98.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Friday, May 1st. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. Analysts predict that Summit Therapeutics PLC will post -1.18 EPS for the current fiscal year.

Analysts Set New Price Targets

SMMT has been the topic of several recent analyst reports. HC Wainwright lowered Summit Therapeutics from a “buy” rating to a “neutral” rating in a research note on Friday, May 22nd. Sanford C. Bernstein initiated coverage on Summit Therapeutics in a research report on Thursday, May 21st. They set an “underperform” rating and a $7.70 target price on the stock. Truist Financial raised Summit Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a report on Tuesday, April 21st. Finally, Jefferies Financial Group lowered shares of Summit Therapeutics from a “buy” rating to a “hold” rating and decreased their price objective for the company from $42.00 to $15.00 in a research note on Monday, March 16th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Summit Therapeutics presently has an average rating of “Hold” and a consensus price target of $27.23.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SMMT. Ball & Co Wealth Management Inc. purchased a new stake in Summit Therapeutics during the first quarter valued at about $28,000. Kestra Advisory Services LLC purchased a new stake in shares of Summit Therapeutics during the fourth quarter valued at approximately $28,000. Parallel Advisors LLC purchased a new stake in shares of Summit Therapeutics during the third quarter valued at approximately $39,000. T. Rowe Price Investment Management Inc. boosted its stake in shares of Summit Therapeutics by 2,654.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after purchasing an additional 1,805 shares during the period. Finally, Truvestments Capital LLC boosted its stake in shares of Summit Therapeutics by 200.2% during the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock valued at $46,000 after purchasing an additional 1,736 shares during the period. Hedge funds and other institutional investors 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.