Robert Duggan Purchases 100,000 Shares of Summit Therapeutics (NASDAQ:SMMT) Stock

Summit Therapeutics PLC (NASDAQ:SMMT) CEO Robert Duggan acquired 100,000 shares of Summit Therapeutics stock in a transaction dated Thursday, June 4th. The stock was bought at an average price of $14.60 per share, for a total transaction of $1,460,000.00. Following the completion of the transaction, the chief executive officer directly owned 25,824,474 shares of the company’s stock, valued at approximately $377,037,320.40. This represents a 0.39% 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 hyperlink.

Summit Therapeutics Stock Down 0.5%

Shares of NASDAQ:SMMT opened at $14.77 on Friday. Summit Therapeutics PLC has a 52-week low of $13.83 and a 52-week high of $30.98. The stock’s fifty day simple moving average is $18.96 and its 200-day simple moving average is $17.45. The company has a market capitalization of $11.46 billion, a P/E ratio of -9.23 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, sell-side analysts anticipate that Summit Therapeutics PLC will post -1.18 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Large investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Summit Therapeutics by 1.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock worth $1,273,000 after purchasing an additional 694 shares in the last quarter. Fifth Third Bancorp grew its holdings in Summit Therapeutics by 24.4% during the first quarter. Fifth Third Bancorp now owns 3,732 shares of the company’s stock worth $71,000 after acquiring an additional 732 shares during the period. Sei Investments Co. boosted its position in shares of Summit Therapeutics by 3.3% in the 3rd quarter. Sei Investments Co. now owns 27,163 shares of the company’s stock valued at $561,000 after purchasing an additional 860 shares during the period. Levin Capital Strategies L.P. boosted its position in shares of Summit Therapeutics by 2.7% in the 4th quarter. Levin Capital Strategies L.P. now owns 37,676 shares of the company’s stock valued at $659,000 after purchasing an additional 1,000 shares during the period. Finally, State of Wisconsin Investment Board boosted its position in shares of Summit Therapeutics by 1.1% in the 4th quarter. State of Wisconsin Investment Board now owns 92,882 shares of the company’s stock valued at $1,625,000 after purchasing an additional 1,047 shares during the period. 4.61% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SMMT has been the subject of a number of research reports. Wall Street Zen downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday, May 18th. Citigroup assumed coverage on Summit Therapeutics in a report on Wednesday, April 8th. They issued a “buy” rating for the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research report on Friday, May 22nd. Jefferies Financial Group lowered Summit Therapeutics from a “buy” rating to a “hold” rating and cut their target price for the company from $42.00 to $15.00 in a research report on Monday, March 16th. Finally, KeyCorp reissued an “overweight” rating on shares of Summit Therapeutics in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Summit Therapeutics currently has a consensus rating of “Hold” and an average price target 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.