Insider Buying: Summit Therapeutics (NASDAQ:SMMT) CFO Buys 50,000 Shares of Stock

Summit Therapeutics PLC (NASDAQ:SMMT) CFO Manmeet Singh Soni bought 50,000 shares of the firm’s stock in a transaction on Thursday, June 4th. The stock was purchased at an average cost of $14.45 per share, for a total transaction of $722,500.00. Following the completion of the acquisition, the chief financial officer owned 3,123,603 shares in the company, valued at approximately $45,136,063.35. This trade represents a 1.63% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Summit Therapeutics Trading Down 1.5%

SMMT stock traded down $0.22 during mid-day trading on Thursday, hitting $14.85. The stock had a trading volume of 5,321,179 shares, compared to its average volume of 3,591,070. Summit Therapeutics PLC has a 52 week low of $13.83 and a 52 week high of $30.98. The firm has a market capitalization of $11.53 billion, a P/E ratio of -9.28 and a beta of -1.32. The firm has a fifty day simple moving average of $19.04 and a 200 day simple moving average of $17.49.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Friday, May 1st. The company reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.03. As a group, equities analysts expect that Summit Therapeutics PLC will post -1.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Hedge funds have recently made changes to their positions in the stock. Ball & Co Wealth Management Inc. acquired a new stake in shares of Summit Therapeutics in the 1st quarter valued at approximately $28,000. Kestra Advisory Services LLC acquired a new stake in Summit Therapeutics during the 4th quarter worth approximately $28,000. T. Rowe Price Investment Management Inc. boosted its position in Summit Therapeutics by 2,654.4% during the 4th 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. Parallel Advisors LLC acquired a new stake in Summit Therapeutics during the 3rd quarter worth approximately $39,000. Finally, Truvestments Capital LLC boosted its position in Summit Therapeutics by 200.2% during the 4th 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.

Wall Street Analyst Weigh In

Several equities analysts have commented on SMMT shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a report on Tuesday, April 21st. Stifel Nicolaus assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, April 8th. They issued a “buy” rating and a $45.00 price target on the stock. Zacks Research upgraded shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Jefferies Financial Group downgraded shares of Summit Therapeutics from a “buy” rating to a “hold” rating and reduced their price target for the company from $42.00 to $15.00 in a research note on Monday, March 16th. Finally, Cantor Fitzgerald restated 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 assigned a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus 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.