Summit Therapeutics (NASDAQ:SMMT) CEO Mahkam Zanganeh Purchases 3,810,000 Shares

Summit Therapeutics PLC (NASDAQ:SMMT) CEO Mahkam Zanganeh bought 3,810,000 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were purchased at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the acquisition, the chief executive officer owned 573,883,879 shares of the company’s stock, valued at $7,529,356,492.48. This trade represents a 0.67% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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

• On Thursday, June 4th, Mahkam Zanganeh bought 100,000 shares of Summit Therapeutics stock. The shares were purchased at an average price of $14.60 per share, with a total value of $1,460,000.00.

Summit Therapeutics Stock Up 6.7%

Shares of Summit Therapeutics stock traded up $0.88 during trading on Friday, reaching $13.96. 6,729,861 shares of the stock were exchanged, compared to its average volume of 3,764,049. The stock’s fifty day moving average is $18.65 and its 200 day moving average is $17.37. The firm has a market cap of $10.84 billion, a price-to-earnings ratio of -8.74 and a beta of -1.32. Summit Therapeutics PLC has a 1 year low of $12.55 and a 1 year high of $30.98.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Friday, May 1st. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. Equities analysts forecast that Summit Therapeutics PLC will post -1.18 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Stifel Nicolaus assumed coverage on Summit Therapeutics in a research report on Wednesday, April 8th. They set a “buy” rating and a $45.00 price objective for the company. Jefferies Financial Group lowered Summit Therapeutics from a “buy” rating to a “hold” rating and lowered their price target for the stock from $42.00 to $15.00 in a research report on Monday, March 16th. Zacks Research raised Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. KeyCorp reissued an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Finally, Wall Street Zen lowered shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $27.23.

Institutional Investors Weigh In On Summit Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Ball & Co Wealth Management Inc. purchased a new stake in shares of Summit Therapeutics during the 1st quarter valued at about $28,000. Kestra Advisory Services LLC purchased a new stake in shares of Summit Therapeutics in the 4th quarter worth $28,000. T. Rowe Price Investment Management Inc. increased its stake in shares of Summit Therapeutics by 2,654.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after purchasing an additional 1,805 shares in the last quarter. Parallel Advisors LLC purchased a new stake in shares of Summit Therapeutics in the 3rd quarter worth $39,000. Finally, Truvestments Capital LLC increased its stake in shares of Summit Therapeutics by 200.2% in the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock worth $46,000 after purchasing an additional 1,736 shares in the last quarter. 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.