Summit Therapeutics (NASDAQ:SMMT) CEO Mahkam Zanganeh Buys 26,680 Shares

Summit Therapeutics PLC (NASDAQ:SMMT) CEO Mahkam Zanganeh purchased 26,680 shares of Summit Therapeutics stock in a transaction dated Tuesday, October 21st. The shares were bought at an average price of $18.74 per share, with a total value of $499,983.20. Following the completion of the transaction, the chief executive officer owned 76,680 shares in the company, valued at approximately $1,436,983.20. This trade represents a 53.36% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Mahkam Zanganeh also recently made the following trade(s):

• On Thursday, September 11th, Mahkam Zanganeh purchased 5,000 shares of Summit Therapeutics stock. The shares were bought at an average price of $18.07 per share, with a total value of $90,350.00.
• On Wednesday, September 10th, Mahkam Zanganeh purchased 333,394 shares of Summit Therapeutics stock. The shares were bought at an average price of $17.68 per share, with a total value of $5,894,405.92.

Summit Therapeutics Trading Down 2.1%

SMMT stock opened at $18.75 on Friday. The firm has a 50 day moving average of $21.87 and a 200-day moving average of $23.37. Summit Therapeutics PLC has a 12-month low of $15.55 and a 12-month high of $36.91. The company has a market cap of $13.96 billion, a price-to-earnings ratio of -15.12 and a beta of -1.13.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Monday, October 20th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.17). Sell-side analysts forecast that Summit Therapeutics PLC will post -0.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Summit Redstone set a $13.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, September 16th. Evercore ISI raised their price objective on shares of Summit Therapeutics from $30.00 to $34.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 12th. Zacks Research raised shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. Piper Sandler assumed coverage on shares of Summit Therapeutics in a research note on Monday, August 18th. They set a “neutral” rating and a $21.00 price objective for the company. Finally, Citigroup raised their price objective on shares of Summit Therapeutics from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday. 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 given a Sell rating to the company. According to data from MarketBeat, Summit Therapeutics has an average rating of “Moderate Buy” and an average target price of $31.14.

Institutional Trading of Summit Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Ball & Co Wealth Management Inc. purchased a new stake in Summit Therapeutics in the 2nd quarter worth approximately $31,000. Crowley Wealth Management Inc. grew its stake in Summit Therapeutics by 66.7% in the 3rd quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock worth $31,000 after acquiring an additional 600 shares during the period. Golden State Wealth Management LLC grew its stake in Summit Therapeutics by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock worth $29,000 after acquiring an additional 751 shares during the period. CWM LLC grew its stake in Summit Therapeutics by 3,455.3% in the 1st quarter. CWM LLC now owns 1,671 shares of the company’s stock worth $32,000 after acquiring an additional 1,624 shares during the period. Finally, SBI Securities Co. Ltd. grew its stake in Summit Therapeutics by 34.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock worth $37,000 after acquiring an additional 447 shares during the period. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.