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

Summit Therapeutics PLC (NASDAQ:SMMT) CEO Mahkam Zanganeh acquired 100,000 shares of the stock in a transaction dated Thursday, June 4th. The shares were purchased at an average cost of $14.60 per share, with a total value of $1,460,000.00. Following the completion of the purchase, the chief executive officer owned 25,824,474 shares of the company’s stock, valued at approximately $377,037,320.40. The trade was a 0.39% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Summit Therapeutics Trading Down 1.5%

Shares of NASDAQ:SMMT opened at $14.84 on Friday. The company has a market cap of $11.52 billion, a price-to-earnings ratio of -9.28 and a beta of -1.32. The company has a 50-day moving average price of $19.02 and a 200-day moving average price of $17.47. Summit Therapeutics PLC has a 12 month low of $13.83 and a 12 month high of $30.98.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data on Friday, May 1st. The company reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.03. As a group, research analysts forecast that Summit Therapeutics PLC will post -1.17 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SMMT shares. Jefferies Financial Group downgraded shares of Summit Therapeutics from a “buy” rating to a “hold” rating and lowered their price objective for the company from $42.00 to $15.00 in a research note on Monday, March 16th. Wall Street Zen cut shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday, May 18th. Piper Sandler reduced their price target on shares of Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Friday, May 1st. Sanford C. Bernstein initiated coverage on shares of Summit Therapeutics in a research report on Thursday, May 21st. They set an “underperform” rating and a $7.70 price target on the stock. Finally, KeyCorp reiterated an “overweight” rating on shares of Summit Therapeutics in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Summit Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $26.05.

Institutional Investors Weigh In On Summit Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Baker BROS. Advisors LP grew its holdings in Summit Therapeutics by 7.9% in the fourth quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock worth $636,480,000 after purchasing an additional 2,668,089 shares during the period. Vanguard Group Inc. grew its holdings in Summit Therapeutics by 31.2% in the third quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock worth $235,105,000 after purchasing an additional 2,706,056 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Summit Therapeutics by 106.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock worth $163,907,000 after purchasing an additional 4,832,592 shares during the period. State Street Corp grew its holdings in Summit Therapeutics by 4.3% in the fourth quarter. State Street Corp now owns 6,636,361 shares of the company’s stock worth $116,070,000 after purchasing an additional 274,425 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Summit Therapeutics by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,147,480 shares of the company’s stock worth $55,063,000 after purchasing an additional 14,745 shares during the period. Hedge funds and other 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.