Mahkam Zanganeh Acquires 3,810,000 Shares of Summit Therapeutics (NASDAQ:SMMT) 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 purchased 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 approximately $7,529,356,492.48. The trade was a 0.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, 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 purchased at an average price of $14.60 per share, for a total transaction of $1,460,000.00.

Summit Therapeutics Stock Up 7.1%

NASDAQ:SMMT opened at $14.01 on Friday. The company’s 50 day moving average price is $18.55 and its 200-day moving average price is $17.35. Summit Therapeutics PLC has a 52 week low of $12.55 and a 52 week high of $30.98. The stock has a market cap of $10.87 billion, a price-to-earnings ratio of -8.76 and a beta of -1.32.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Friday, May 1st. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.03. As a group, sell-side analysts anticipate that Summit Therapeutics PLC will post -1.18 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ball & Co Wealth Management Inc. purchased a new stake in Summit Therapeutics in the first quarter worth approximately $28,000. Kestra Advisory Services LLC purchased a new stake in Summit Therapeutics in the fourth quarter worth approximately $28,000. T. Rowe Price Investment Management Inc. boosted its holdings in 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 last quarter. Parallel Advisors LLC purchased a new stake in Summit Therapeutics in the third quarter worth approximately $39,000. Finally, Truvestments Capital LLC boosted its holdings in Summit Therapeutics by 200.2% in 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 last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Analysts Set New Price Targets

SMMT has been the topic of a number of recent analyst reports. Jefferies Financial Group cut shares of Summit Therapeutics from a “buy” rating to a “hold” rating and cut their price target for the company from $42.00 to $15.00 in a report on Monday, March 16th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a report on Friday, May 22nd. HC Wainwright cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating in a report on Friday, May 22nd. Zacks Research upgraded shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. Finally, KeyCorp reiterated 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 assigned a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $27.23.

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.