Manmeet Singh Soni Acquires 50,000 Shares of Summit Therapeutics (NASDAQ:SMMT) Stock

Summit Therapeutics PLC (NASDAQ:SMMT) CFO Manmeet Singh Soni bought 50,000 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The shares were acquired at an average price of $14.45 per share, for a total transaction of $722,500.00. Following the completion of the transaction, the chief financial officer owned 3,123,603 shares in the company, valued at $45,136,063.35. This trade represents a 1.63% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Summit Therapeutics Trading Down 1.5%

NASDAQ:SMMT traded down $0.22 during mid-day trading on Thursday, hitting $14.85. 5,321,179 shares of the company’s stock were exchanged, compared to its average volume of 3,591,070. The company has a 50 day simple moving average of $19.04 and a 200-day simple moving average of $17.49. Summit Therapeutics PLC has a fifty-two week low of $13.83 and a fifty-two week high of $30.98. The firm has a market capitalization of $11.53 billion, a P/E ratio of -9.28 and a beta of -1.32.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Friday, May 1st. The company reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.03. As a group, analysts expect that Summit Therapeutics PLC will post -1.17 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on SMMT shares. Sanford C. Bernstein started coverage on shares of Summit Therapeutics in a research report on Thursday, May 21st. They issued an “underperform” rating and a $7.70 price target on the stock. Citigroup started coverage on shares of Summit Therapeutics in a research report on Wednesday, April 8th. They issued a “buy” rating on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research report on Friday, May 22nd. Stifel Nicolaus started coverage on shares of Summit Therapeutics in a research report on Wednesday, April 8th. They issued a “buy” rating and a $45.00 price target on the stock. Finally, KeyCorp restated an “overweight” rating on shares of Summit Therapeutics in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $26.05.

Institutional Trading of Summit Therapeutics

Several hedge funds have recently modified their holdings of SMMT. Ball & Co Wealth Management Inc. bought a new stake in shares of Summit Therapeutics in the 1st quarter valued at $28,000. Kestra Advisory Services LLC bought a new stake in shares of Summit Therapeutics in the 4th quarter valued at $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 valued at $33,000 after acquiring an additional 1,805 shares in the last quarter. Parallel Advisors LLC bought a new stake in shares of Summit Therapeutics in the 3rd quarter valued at $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 valued at $46,000 after acquiring an additional 1,736 shares in the last quarter. 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.