Insider Buying: Summit Therapeutics (NASDAQ:SMMT) CEO Purchases $1,460,000.00 in Stock

Summit Therapeutics PLC (NASDAQ:SMMT) CEO Robert Duggan purchased 100,000 shares of Summit Therapeutics stock in a transaction dated Thursday, June 4th. The stock was bought at an average price of $14.60 per share, with a total value of $1,460,000.00. Following the acquisition, the chief executive officer directly owned 25,824,474 shares of the company’s stock, valued at approximately $377,037,320.40. This trade represents a 0.39% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Summit Therapeutics Stock Down 0.5%

Summit Therapeutics stock opened at $14.77 on Friday. Summit Therapeutics PLC has a twelve month low of $13.83 and a twelve month high of $30.98. The company has a 50 day moving average of $18.96 and a 200-day moving average of $17.45. The stock has a market capitalization of $11.46 billion, a PE ratio of -9.23 and a beta of -1.32.

Summit Therapeutics (NASDAQ:SMMT) last announced 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. Equities analysts anticipate that Summit Therapeutics PLC will post -1.18 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Sanford C. Bernstein assumed coverage on shares of Summit Therapeutics in a report on Thursday, May 21st. They set an “underperform” rating and a $7.70 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a report on Tuesday, April 21st. KeyCorp restated an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. Jefferies Financial Group cut shares of Summit Therapeutics from a “buy” rating to a “hold” rating and reduced their target price for the stock from $42.00 to $15.00 in a report on Monday, March 16th. Finally, HC Wainwright cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating in a report on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $26.05.

Hedge Funds Weigh In On Summit Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Baker BROS. Advisors LP grew its holdings in Summit Therapeutics by 7.9% during the fourth quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock worth $636,480,000 after purchasing an additional 2,668,089 shares during the period. Vanguard Group Inc. grew its holdings in Summit Therapeutics by 31.2% during the third quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock worth $235,105,000 after purchasing an additional 2,706,056 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Summit Therapeutics by 106.5% in the fourth 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 period. State Street Corp raised its position in shares of Summit Therapeutics by 4.3% in the fourth quarter. State Street Corp now owns 6,636,361 shares of the company’s stock valued at $116,070,000 after purchasing an additional 274,425 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Summit Therapeutics by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,147,480 shares of the company’s stock valued at $55,063,000 after purchasing an additional 14,745 shares during the period. 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.