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

Summit Therapeutics PLC (NASDAQ:SMMT) CEO Robert Duggan purchased 3,810,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were bought at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the purchase, the chief executive officer owned 573,883,879 shares in the company, valued at $7,529,356,492.48. This represents a 0.67% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Summit Therapeutics Stock Performance

SMMT opened at $14.01 on Friday. The company has a market cap of $10.87 billion, a PE ratio of -8.76 and a beta of -1.32. The stock has a 50-day moving average of $18.55 and a 200-day moving average of $17.35. Summit Therapeutics PLC has a 52-week low of $12.55 and a 52-week high of $30.98.

Summit Therapeutics (NASDAQ:SMMT) last posted 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, research analysts predict that Summit Therapeutics PLC will post -1.18 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on SMMT. Wall Street Zen cut Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday, May 18th. Zacks Research raised Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. Stifel Nicolaus began coverage on Summit Therapeutics in a research report on Wednesday, April 8th. They set a “buy” rating and a $45.00 price objective for the company. Piper Sandler cut their price objective on Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Friday, May 1st. Finally, HC Wainwright cut Summit Therapeutics from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Summit Therapeutics has an average rating of “Hold” and an average price target of $27.23.

Hedge Funds Weigh In On Summit Therapeutics

Several large investors have recently added to or reduced their stakes in SMMT. Ball & Co Wealth Management Inc. acquired a new position in Summit Therapeutics in the 1st quarter valued at approximately $28,000. Kestra Advisory Services LLC acquired a new position in Summit Therapeutics in the 4th quarter valued at approximately $28,000. T. Rowe Price Investment Management Inc. raised its holdings in Summit Therapeutics by 2,654.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after acquiring an additional 1,805 shares in the last quarter. Parallel Advisors LLC acquired a new position in Summit Therapeutics in the 3rd quarter valued at approximately $39,000. Finally, Truvestments Capital LLC raised its holdings in Summit Therapeutics by 200.2% in the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock valued at $46,000 after acquiring an additional 1,736 shares in the last quarter. Institutional investors and hedge funds 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.