Summit Therapeutics (NASDAQ:SMMT) CEO Buys $499,983.20 in Stock

Summit Therapeutics PLC (NASDAQ:SMMT) CEO Robert Duggan acquired 26,680 shares of the firm’s stock in a transaction that occurred on Tuesday, October 21st. The shares were bought at an average cost of $18.74 per share, for a total transaction of $499,983.20. Following the acquisition, the chief executive officer owned 76,680 shares of the company’s stock, valued at $1,436,983.20. This represents a 53.36% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Summit Therapeutics Price Performance

Shares of NASDAQ SMMT opened at $19.28 on Friday. Summit Therapeutics PLC has a 12-month low of $15.55 and a 12-month high of $36.91. The company has a market capitalization of $14.35 billion, a PE ratio of -15.55 and a beta of -1.13. The firm’s 50-day moving average is $21.72 and its two-hundred day moving average is $23.43.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results 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, analysts forecast that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal year.

Analyst Ratings Changes

SMMT has been the topic of several recent research reports. Piper Sandler initiated coverage on shares of Summit Therapeutics in a report on Monday, August 18th. They issued a “neutral” rating and a $21.00 price target on the stock. Wall Street Zen downgraded shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a report on Saturday. HC Wainwright reduced their price target on shares of Summit Therapeutics from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, UBS Group assumed coverage on shares of Summit Therapeutics in a research report on Tuesday, July 1st. They set a “buy” rating and a $30.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $31.14.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SMMT. Golden State Wealth Management LLC grew its holdings in Summit Therapeutics by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock valued at $29,000 after purchasing an additional 751 shares during the period. Ball & Co Wealth Management Inc. acquired a new position in shares of Summit Therapeutics in the 2nd quarter valued at $31,000. Crowley Wealth Management Inc. boosted its holdings in shares of Summit Therapeutics by 66.7% in the 3rd quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock valued at $31,000 after purchasing an additional 600 shares during the last quarter. CWM LLC boosted its holdings in shares of Summit Therapeutics by 3,455.3% in the 1st quarter. CWM LLC now owns 1,671 shares of the company’s stock valued at $32,000 after purchasing an additional 1,624 shares during the last quarter. Finally, SBI Securities Co. Ltd. boosted its holdings in shares of Summit Therapeutics by 34.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock valued at $37,000 after purchasing an additional 447 shares during the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Company Profile

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.