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

Summit Therapeutics PLC (NASDAQ:SMMT) CEO Mahkam Zanganeh 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, for a total transaction of $1,460,000.00. Following the completion of the purchase, the chief executive officer owned 25,824,474 shares in the company, valued at $377,037,320.40. This represents a 0.39% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Summit Therapeutics Trading Down 0.5%

SMMT opened at $14.77 on Friday. The company’s 50 day moving average is $18.96 and its 200-day moving average is $17.45. Summit Therapeutics PLC has a 1-year low of $13.83 and a 1-year high of $30.98. The company has a market cap of $11.46 billion, a P/E ratio of -9.23 and a beta of -1.32.

Summit Therapeutics (NASDAQ:SMMT) last posted 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. On average, equities analysts forecast that Summit Therapeutics PLC will post -1.18 EPS for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Large investors have recently modified their holdings of the company. Ball & Co Wealth Management Inc. acquired a new stake in shares of Summit Therapeutics during the first quarter worth $28,000. Kestra Advisory Services LLC acquired a new stake in shares of Summit Therapeutics during the fourth quarter worth $28,000. Parallel Advisors LLC acquired a new stake in shares of Summit Therapeutics during the third quarter worth $39,000. T. Rowe Price Investment Management Inc. increased its position 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 worth $33,000 after buying an additional 1,805 shares during the period. Finally, Truvestments Capital LLC increased its position 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 worth $46,000 after buying an additional 1,736 shares during the period. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Stifel Nicolaus assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, April 8th. They set a “buy” rating and a $45.00 target price on the stock. Sanford C. Bernstein assumed coverage on shares of Summit Therapeutics in a research report on Thursday, May 21st. They set an “underperform” rating and a $7.70 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a research report on Friday, May 22nd. Wall Street Zen downgraded shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday, May 18th. Finally, Zacks Research upgraded shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $26.05.

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.