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

Summit Therapeutics PLC (NASDAQ:SMMT) CEO Mahkam Zanganeh purchased 100,000 shares of Summit Therapeutics stock in a transaction that occurred on Thursday, June 4th. The stock was purchased at an average price of $14.60 per share, with a total value of $1,460,000.00. Following the transaction, the chief executive officer owned 25,824,474 shares in the company, valued at $377,037,320.40. This represents a 0.39% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Summit Therapeutics Stock Performance

Shares of NASDAQ:SMMT traded down $0.23 during mid-day trading on Thursday, hitting $14.84. The stock had a trading volume of 5,356,081 shares, compared to its average volume of 3,591,970. The company has a market cap of $11.52 billion, a PE ratio of -9.28 and a beta of -1.32. Summit Therapeutics PLC has a 12-month low of $13.83 and a 12-month high of $30.98. The company’s 50 day moving average is $19.02 and its 200-day moving average is $17.47.

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

Analyst Ratings Changes

Several research firms have weighed in on SMMT. KeyCorp reiterated an “overweight” rating on shares of Summit Therapeutics in a research note on Monday. HC Wainwright lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating in a research note on Friday, May 22nd. Stifel Nicolaus began coverage on shares of Summit Therapeutics in a research note on Wednesday, April 8th. They set a “buy” rating and a $45.00 price target on the stock. Truist Financial upgraded shares of Summit Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Finally, Sanford C. Bernstein began coverage on shares of Summit Therapeutics in a research note on Thursday, May 21st. They set an “underperform” rating and a $7.70 price target on the stock. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $26.05.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SMMT. Ball & Co Wealth Management Inc. bought a new stake in shares of Summit Therapeutics during the 1st quarter worth $28,000. Kestra Advisory Services LLC bought a new stake in shares of Summit Therapeutics during the 4th quarter worth $28,000. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Summit Therapeutics by 2,654.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after buying an additional 1,805 shares during the period. Parallel Advisors LLC bought a new stake in shares of Summit Therapeutics during the 3rd quarter worth $39,000. Finally, Truvestments Capital LLC boosted its holdings in shares of Summit Therapeutics by 200.2% during the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock worth $46,000 after buying an additional 1,736 shares during the period. Institutional investors and hedge funds own 4.61% of the company’s stock.

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.