Key Points
- CEO Mahkam Zanganeh bought 3.81 million Summit Therapeutics shares on June 12 at an average price of $13.12, a transaction worth about $50 million. After the purchase, he directly owned 573.9 million shares, increasing his position by 0.67%.
- This follows another insider buy earlier in the month, when Zanganeh purchased 100,000 shares on June 4 at $14.60 per share. The repeated buying may signal confidence in the company.
- Summit Therapeutics remains a volatile biotech stock: it recently opened at $14.01, has a market cap of $10.87 billion, and closed below its 50-day and 200-day moving averages. The company beat earnings expectations in its latest quarter, but analysts currently rate the stock a consensus “Hold.”
Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) CEO Mahkam Zanganeh purchased 3,810,000 shares of the business's stock in a transaction on Friday, June 12th. The shares were bought at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the purchase, the chief executive officer directly owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. The trade was a 0.67% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Mahkam Zanganeh also recently made the following trade(s):
- On Thursday, June 4th, Mahkam Zanganeh purchased 100,000 shares of Summit Therapeutics stock. The shares were bought at an average price of $14.60 per share, with a total value of $1,460,000.00.
Summit Therapeutics Stock Performance
SMMT stock opened at $14.01 on Friday. The company has a market capitalization of $10.87 billion, a P/E ratio of -8.76 and a beta of -1.32. Summit Therapeutics PLC has a 52-week low of $12.55 and a 52-week high of $30.98. The business has a 50-day simple moving average of $18.55 and a two-hundred day simple moving average of $17.35.
Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings results on Friday, May 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.27) by $0.03. As a group, sell-side analysts forecast that Summit Therapeutics PLC will post -1.18 earnings per share for the current fiscal year.
Analyst Ratings Changes
Several research firms have commented on SMMT. Stifel Nicolaus began coverage on shares of Summit Therapeutics in a research report on Wednesday, April 8th. They set a "buy" rating and a $45.00 target price on the stock. Truist Financial raised shares of Summit Therapeutics to a "strong-buy" rating in a research report on Wednesday, March 25th. Piper Sandler dropped their target price on shares of Summit Therapeutics from $17.00 to $16.00 and set a "neutral" rating on the stock in a research report on Friday, May 1st. Weiss Ratings reissued a "sell (d-)" rating on shares of Summit Therapeutics in a research report on Tuesday, April 21st. Finally, Wall Street Zen cut shares of Summit Therapeutics from a "hold" rating to a "sell" rating in a research report on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $27.23.
Check Out Our Latest Stock Analysis on SMMT
Hedge Funds Weigh In On Summit Therapeutics
Several hedge funds have recently modified their holdings of SMMT. Parallel Advisors LLC raised its holdings in shares of Summit Therapeutics by 4,178.0% in the 1st quarter. Parallel Advisors LLC now owns 2,139 shares of the company's stock worth $41,000 after purchasing an additional 2,089 shares during the period. Bank of America Corp DE raised its holdings in shares of Summit Therapeutics by 25.4% in the 1st quarter. Bank of America Corp DE now owns 598,692 shares of the company's stock worth $11,351,000 after purchasing an additional 121,299 shares during the period. Royal Bank of Canada raised its holdings in shares of Summit Therapeutics by 132.2% in the 1st quarter. Royal Bank of Canada now owns 7,422 shares of the company's stock worth $141,000 after purchasing an additional 4,226 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Summit Therapeutics by 34.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 592,810 shares of the company's stock worth $11,240,000 after purchasing an additional 151,857 shares during the period. Finally, Quantinno Capital Management LP raised its holdings in shares of Summit Therapeutics by 415.5% in the 1st quarter. Quantinno Capital Management LP now owns 73,835 shares of the company's stock worth $1,400,000 after purchasing an additional 59,512 shares during the period. Institutional investors own 4.61% of the company's stock.
Summit Therapeutics Company Profile
(
Get Free Report)
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.
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