Robert Duggan Purchases 3,810,000 Shares of Summit Therapeutics (NASDAQ:SMMT) Stock

Summit Therapeutics PLC (NASDAQ:SMMT) CEO Robert Duggan bought 3,810,000 shares of the stock in a transaction on Friday, June 12th. The shares were acquired at an average cost of $13.12 per share, for a total transaction of $49,987,200.00. Following the acquisition, the chief executive officer directly owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Summit Therapeutics Stock Performance

Summit Therapeutics stock opened at $14.01 on Friday. The stock has a market cap of $10.87 billion, a P/E ratio of -8.76 and a beta of -1.32. Summit Therapeutics PLC has a fifty-two week low of $12.55 and a fifty-two week high of $30.98. The firm’s fifty day moving average price is $18.55 and its 200-day moving average price is $17.35.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Friday, May 1st. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.03. Sell-side analysts predict that Summit Therapeutics PLC will post -1.18 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ball & Co Wealth Management Inc. purchased a new position in Summit Therapeutics in the first quarter worth $28,000. Kestra Advisory Services LLC purchased a new stake in Summit Therapeutics during the fourth quarter valued at about $28,000. Parallel Advisors LLC purchased a new stake in Summit Therapeutics during the third quarter valued at about $39,000. T. Rowe Price Investment Management Inc. boosted its position in 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 buying an additional 1,805 shares during the period. Finally, Truvestments Capital LLC boosted 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 valued at $46,000 after buying an additional 1,736 shares during the period. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SMMT has been the topic of several research analyst reports. Stifel Nicolaus initiated coverage on shares of Summit Therapeutics in a report on Wednesday, April 8th. They issued a “buy” rating and a $45.00 price target on the stock. KeyCorp reaffirmed an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. Piper Sandler decreased their price target on shares of Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Friday, May 1st. Wall Street Zen cut shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Monday, May 18th. Finally, Zacks Research raised shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Summit Therapeutics has an average rating of “Hold” and a consensus price target of $27.23.

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.