Yu Xia Purchases 533,617 Shares of Summit Therapeutics (NASDAQ:SMMT) Stock

Summit Therapeutics PLC (NASDAQ:SMMT) Director Yu Xia purchased 533,617 shares of the business’s stock in a transaction on Tuesday, October 21st. The shares were bought at an average price of $18.74 per share, for a total transaction of $9,999,982.58. Following the acquisition, the director owned 32,057,147 shares in the company, valued at $600,750,934.78. This trade represents a 1.69% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Summit Therapeutics Stock Performance

NASDAQ:SMMT opened at $19.28 on Friday. The stock has a 50-day simple moving average of $21.72 and a 200-day simple moving average of $23.39. The stock has a market cap of $14.35 billion, a P/E ratio of -15.55 and a beta of -1.13. Summit Therapeutics PLC has a 1 year low of $15.55 and a 1 year high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Monday, October 20th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.17). On average, equities research analysts predict that Summit Therapeutics PLC will post -0.3 EPS for the current year.

Institutional Trading of Summit Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Summit Therapeutics during the 2nd quarter worth approximately $29,576,000. APEIRON CAPITAL Ltd acquired a new stake in Summit Therapeutics during the 2nd quarter worth approximately $25,556,000. Fiera Capital Corp acquired a new stake in Summit Therapeutics during the 2nd quarter worth approximately $16,659,000. Siren L.L.C. acquired a new stake in Summit Therapeutics during the 1st quarter worth approximately $13,407,000. Finally, Bank of America Corp DE lifted its position in Summit Therapeutics by 53.3% during the 2nd quarter. Bank of America Corp DE now owns 566,147 shares of the company’s stock worth $12,048,000 after acquiring an additional 196,925 shares during the period. 4.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Summit Redstone set a $13.00 price objective on Summit Therapeutics in a research report on Tuesday, September 16th. Barclays upped their price objective on Summit Therapeutics from $13.00 to $16.00 and gave the stock an “underweight” rating in a research report on Tuesday. UBS Group started coverage on Summit Therapeutics in a research report on Tuesday, July 1st. They set a “buy” rating and a $30.00 price objective for the company. Piper Sandler started coverage on Summit Therapeutics in a research report on Monday, August 18th. They issued a “neutral” rating and a $21.00 target price for the company. Finally, Evercore ISI upped their target price on Summit Therapeutics from $30.00 to $34.00 and gave the company an “outperform” rating in a research report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Summit Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $31.14.

About Summit Therapeutics

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company’s lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.