Summit Therapeutics (NASDAQ:SMMT) CEO Acquires $49,987,200.00 in Stock

Summit Therapeutics PLC (NASDAQ:SMMT) CEO Mahkam Zanganeh purchased 3,810,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 573,883,879 shares of the company’s stock, valued at $7,529,356,492.48. This trade represents a 0.67% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link.

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 acquired at an average cost of $14.60 per share, for a total transaction of $1,460,000.00.

Summit Therapeutics Price Performance

Shares of NASDAQ SMMT opened at $14.01 on Monday. The business’s 50-day moving average price is $18.55 and its two-hundred day moving average price is $17.35. Summit Therapeutics PLC has a one year low of $12.55 and a one year high of $30.98. The company has a market capitalization of $10.87 billion, a P/E ratio of -8.76 and a beta of -1.32.

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

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SMMT. HC Wainwright downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating in a research note on Friday, May 22nd. KeyCorp restated an “overweight” rating on shares of Summit Therapeutics in a research note on Monday, June 1st. Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research note on Friday, May 22nd. Stifel Nicolaus began coverage on Summit Therapeutics in a research note on Wednesday, April 8th. They issued a “buy” rating and a $45.00 target price on the stock. Finally, Citigroup began coverage on Summit Therapeutics in a research note on Wednesday, April 8th. They issued a “buy” rating on the stock. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Summit Therapeutics has a consensus rating of “Hold” and an average target price of $27.23.

Institutional Trading of Summit Therapeutics

Several large investors have recently made changes to their positions in SMMT. Price T Rowe Associates Inc. MD boosted its stake in shares of Summit Therapeutics by 106.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock worth $163,907,000 after acquiring an additional 4,832,592 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Summit Therapeutics by 31.2% during the 3rd quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock worth $235,105,000 after acquiring an additional 2,706,056 shares in the last quarter. Baker BROS. Advisors LP boosted its stake in shares of Summit Therapeutics by 7.9% during the 4th quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock worth $636,480,000 after acquiring an additional 2,668,089 shares in the last quarter. Norges Bank bought a new stake in shares of Summit Therapeutics during the 4th quarter worth about $24,030,000. Finally, TD Asset Management Inc boosted its stake in shares of Summit Therapeutics by 124.2% during the 4th quarter. TD Asset Management Inc now owns 1,205,272 shares of the company’s stock worth $21,080,000 after acquiring an additional 667,742 shares in the last quarter. Institutional investors own 4.61% of the company’s stock.

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.