Summit Therapeutics (NASDAQ:SMMT) CEO Buys $1,460,000.00 in Stock

Summit Therapeutics PLC (NASDAQ:SMMT) CEO Mahkam Zanganeh bought 100,000 shares of Summit Therapeutics stock in a transaction on Thursday, June 4th. The shares were purchased at an average cost of $14.60 per share, with a total value of $1,460,000.00. Following the completion of the purchase, the chief executive officer directly owned 25,824,474 shares in the company, valued at $377,037,320.40. This trade represents a 0.39% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Summit Therapeutics Trading Down 1.5%

Summit Therapeutics stock traded down $0.23 during midday trading on Thursday, reaching $14.84. 5,356,081 shares of the stock traded hands, compared to its average volume of 3,591,970. The firm has a fifty day moving average price of $19.02 and a two-hundred day moving average price of $17.47. The firm has a market cap of $11.52 billion, a price-to-earnings ratio of -9.28 and a beta of -1.32. Summit Therapeutics PLC has a fifty-two week low of $13.83 and a fifty-two week high of $30.98.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Friday, May 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.03. Analysts anticipate that Summit Therapeutics PLC will post -1.17 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. HC Wainwright lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating in a research note on Friday, May 22nd. KeyCorp reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research note on Monday. Sanford C. Bernstein assumed 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 lowered shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, May 18th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research note on Friday, May 22nd. One equities research 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 issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $26.05.

Institutional Trading of Summit Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in SMMT. AQR Capital Management LLC raised its holdings in shares of Summit Therapeutics by 5.0% in the 1st quarter. AQR Capital Management LLC now owns 65,623 shares of the company’s stock worth $1,266,000 after purchasing an additional 3,134 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Summit Therapeutics by 1.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock worth $1,273,000 after purchasing an additional 694 shares in the last quarter. Creative Planning raised its holdings in shares of Summit Therapeutics by 6.7% in the 2nd quarter. Creative Planning now owns 21,390 shares of the company’s stock worth $455,000 after purchasing an additional 1,336 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Summit Therapeutics by 33.8% in the 2nd quarter. Legal & General Group Plc now owns 26,367 shares of the company’s stock worth $561,000 after purchasing an additional 6,662 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Summit Therapeutics during the second quarter valued at approximately $132,000. 4.61% of the stock is currently owned by institutional investors.

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.