Robert Duggan Purchases 3,810,000 Shares of Summit Therapeutics (NASDAQ:SMMT) Stock

Summit Therapeutics PLC (NASDAQ:SMMT) CEO Robert Duggan purchased 3,810,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was purchased at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the purchase, the chief executive officer directly owned 573,883,879 shares of the company’s stock, valued at approximately $7,529,356,492.48. This represents a 0.67% increase in their position. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

Summit Therapeutics Trading Up 3.9%

SMMT traded up $0.51 on Friday, hitting $13.59. 4,100,217 shares of the company’s stock were exchanged, compared to its average volume of 3,729,399. The firm has a market cap of $10.54 billion, a PE ratio of -8.40 and a beta of -1.32. Summit Therapeutics PLC has a twelve month low of $12.55 and a twelve month high of $30.98. The stock has a fifty day moving average of $18.65 and a two-hundred day moving average of $17.37.

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. On average, analysts predict that Summit Therapeutics PLC will post -1.18 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SMMT. Baker BROS. Advisors LP increased its holdings in shares of Summit Therapeutics by 7.9% in the fourth quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock valued at $636,480,000 after purchasing an additional 2,668,089 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Summit Therapeutics by 31.2% during the third quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock valued at $235,105,000 after acquiring an additional 2,706,056 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Summit Therapeutics by 106.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock valued at $163,907,000 after acquiring an additional 4,832,592 shares during the last quarter. State Street Corp increased its position in Summit Therapeutics by 4.3% in the fourth quarter. State Street Corp now owns 6,636,361 shares of the company’s stock worth $116,070,000 after purchasing an additional 274,425 shares during the period. Finally, Geode Capital Management LLC lifted its position in Summit Therapeutics by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 3,147,480 shares of the company’s stock valued at $55,063,000 after purchasing an additional 14,745 shares during the period. Institutional investors own 4.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SMMT. Wall Street Zen downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, May 18th. Sanford C. Bernstein initiated 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. Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a report on Friday, May 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Tuesday, April 21st. Finally, Piper Sandler reduced their target price on Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Friday, May 1st. One 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 assigned a Sell rating to the company. According to data from MarketBeat.com, 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.