Summit Therapeutics (NASDAQ:SMMT) CFO Manmeet Singh Soni Buys 50,000 Shares

Summit Therapeutics PLC (NASDAQ:SMMT) CFO Manmeet Singh Soni acquired 50,000 shares of the stock in a transaction on Thursday, June 4th. The stock was purchased at an average cost of $14.45 per share, with a total value of $722,500.00. Following the transaction, the chief financial officer directly owned 3,123,603 shares of the company’s stock, valued at $45,136,063.35. This represents a 1.63% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Summit Therapeutics Stock Down 1.5%

Shares of NASDAQ:SMMT opened at $14.84 on Friday. Summit Therapeutics PLC has a 52-week low of $13.83 and a 52-week high of $30.98. The company has a 50 day moving average of $19.02 and a two-hundred day moving average of $17.47. The company has a market capitalization of $11.52 billion, a price-to-earnings ratio of -9.28 and a beta of -1.32.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data on Friday, May 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.03. On average, equities analysts anticipate that Summit Therapeutics PLC will post -1.17 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Ball & Co Wealth Management Inc. acquired a new stake in shares of Summit Therapeutics during the 1st quarter valued at approximately $28,000. Kestra Advisory Services LLC bought a new position in Summit Therapeutics during the 4th quarter worth $28,000. Parallel Advisors LLC bought a new position in Summit Therapeutics during the 3rd quarter worth $39,000. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Summit Therapeutics by 2,654.4% during the fourth 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 during the period. Finally, Truvestments Capital LLC boosted its holdings in shares of Summit Therapeutics by 200.2% during the fourth 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 during the period. 4.61% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Tuesday, April 21st. Zacks Research raised shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. Citigroup started coverage on Summit Therapeutics in a research note on Wednesday, April 8th. They set a “buy” rating for the company. KeyCorp reiterated an “overweight” rating on shares of Summit Therapeutics in a research note on Monday. Finally, Sanford C. Bernstein started coverage on Summit Therapeutics in a research note on Thursday, May 21st. They set an “underperform” rating and a $7.70 target price for the company. One 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. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $26.05.

Summit Therapeutics Company Profile

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.