Mahkam Zanganeh Buys 100,000 Shares of Summit Therapeutics (NASDAQ:SMMT) Stock

Summit Therapeutics PLC (NASDAQ:SMMT) CEO Mahkam Zanganeh bought 100,000 shares of the stock in a transaction on Thursday, June 4th. The stock was acquired at an average cost of $14.60 per share, for a total transaction of $1,460,000.00. Following the acquisition, the chief executive officer directly owned 25,824,474 shares in the company, valued at approximately $377,037,320.40. The trade was a 0.39% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Summit Therapeutics Trading Down 0.5%

Shares of NASDAQ:SMMT opened at $14.77 on Friday. Summit Therapeutics PLC has a 1-year low of $13.83 and a 1-year high of $30.98. The firm has a market capitalization of $11.46 billion, a PE ratio of -9.23 and a beta of -1.32. The business’s 50 day moving average is $18.96 and its 200-day moving average is $17.45.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data 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. On average, sell-side analysts predict that Summit Therapeutics PLC will post -1.18 EPS for the current year.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC raised its position in shares of Summit Therapeutics by 4,178.0% during the first quarter. Parallel Advisors LLC now owns 2,139 shares of the company’s stock worth $41,000 after acquiring an additional 2,089 shares during the last quarter. Bank of America Corp DE raised its position in shares of Summit Therapeutics by 25.4% during the first quarter. Bank of America Corp DE now owns 598,692 shares of the company’s stock worth $11,351,000 after acquiring an additional 121,299 shares during the last quarter. Royal Bank of Canada raised its position in shares of Summit Therapeutics by 132.2% during the first quarter. Royal Bank of Canada now owns 7,422 shares of the company’s stock worth $141,000 after acquiring an additional 4,226 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Summit Therapeutics by 34.4% during the first quarter. The Manufacturers Life Insurance Company now owns 592,810 shares of the company’s stock worth $11,240,000 after acquiring an additional 151,857 shares during the last quarter. Finally, Quantinno Capital Management LP raised its position in shares of Summit Therapeutics by 415.5% during the first quarter. Quantinno Capital Management LP now owns 73,835 shares of the company’s stock worth $1,400,000 after acquiring an additional 59,512 shares during the last quarter. Institutional investors own 4.61% of the company’s stock.

Analysts Set New Price Targets

SMMT has been the topic of several recent research reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a report on Friday, May 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a report on Tuesday, April 21st. Sanford C. Bernstein started coverage on Summit Therapeutics in a report on Thursday, May 21st. They set an “underperform” rating and a $7.70 price objective on the stock. Citigroup started coverage on Summit Therapeutics in a research note on Wednesday, April 8th. They issued a “buy” rating on the stock. Finally, HC Wainwright lowered Summit Therapeutics from a “buy” rating to a “neutral” rating in a research note on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus 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.