Summit Therapeutics (NASDAQ:SMMT) CEO Purchases $49,987,200.00 in Stock

Summit Therapeutics PLC (NASDAQ:SMMT) CEO Robert Duggan acquired 3,810,000 shares of the company’s stock in a transaction on Friday, June 12th. The shares were acquired at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the completion of the acquisition, the chief executive officer directly owned 573,883,879 shares in the company, valued at $7,529,356,492.48. The trade was a 0.67% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Summit Therapeutics Price Performance

SMMT stock opened at $14.01 on Monday. Summit Therapeutics PLC has a 52-week low of $12.55 and a 52-week high of $30.98. The stock’s 50 day moving average is $18.55 and its two-hundred day moving average is $17.35. The company has a market capitalization of $10.87 billion, a PE ratio of -8.76 and a beta of -1.32.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Friday, May 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.03. As a group, sell-side analysts anticipate that Summit Therapeutics PLC will post -1.18 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC boosted its position in Summit Therapeutics by 4,178.0% during the 1st quarter. Parallel Advisors LLC now owns 2,139 shares of the company’s stock worth $41,000 after acquiring an additional 2,089 shares during the period. Bank of America Corp DE boosted its position in Summit Therapeutics by 25.4% during the 1st quarter. Bank of America Corp DE now owns 598,692 shares of the company’s stock worth $11,351,000 after acquiring an additional 121,299 shares during the period. Royal Bank of Canada boosted its position in Summit Therapeutics by 132.2% during the 1st quarter. Royal Bank of Canada now owns 7,422 shares of the company’s stock worth $141,000 after acquiring an additional 4,226 shares during the period. The Manufacturers Life Insurance Company boosted its position in Summit Therapeutics by 34.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 592,810 shares of the company’s stock worth $11,240,000 after acquiring an additional 151,857 shares during the period. Finally, Quantinno Capital Management LP boosted its position in Summit Therapeutics by 415.5% during the 1st quarter. Quantinno Capital Management LP now owns 73,835 shares of the company’s stock worth $1,400,000 after acquiring an additional 59,512 shares during the period. Institutional investors and hedge funds own 4.61% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on SMMT. Piper Sandler decreased their target price on Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Friday, May 1st. Zacks Research upgraded Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. Wall Street Zen lowered Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday, May 18th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a research report on Friday, May 22nd. Finally, Stifel Nicolaus assumed coverage on Summit Therapeutics in a research report on Wednesday, April 8th. They issued a “buy” rating and a $45.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $27.23.

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.