Summit Therapeutics (NASDAQ:SMMT) CEO Mahkam Zanganeh Purchases 3,810,000 Shares

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

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 acquired at an average price of $14.60 per share, with a total value of $1,460,000.00.

Summit Therapeutics Trading Up 7.1%

Shares of Summit Therapeutics stock opened at $14.01 on Friday. The business has a 50-day moving average price of $18.55 and a two-hundred day moving average price of $17.35. Summit Therapeutics PLC has a 1-year low of $12.55 and a 1-year high of $30.98. The company has a market cap of $10.87 billion, a P/E ratio of -8.76 and a beta of -1.32.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Friday, May 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. Equities research analysts forecast that Summit Therapeutics PLC will post -1.18 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SMMT. Jefferies Financial Group cut shares of Summit Therapeutics from a “buy” rating to a “hold” rating and cut their price objective for the stock from $42.00 to $15.00 in a research report on Monday, March 16th. Zacks Research raised shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. Citigroup began coverage on shares of Summit Therapeutics in a research report on Wednesday, April 8th. They set a “buy” rating on the stock. Piper Sandler cut their price objective 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. Finally, HC Wainwright cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $27.23.

Hedge Funds Weigh In On Summit Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Baker BROS. Advisors LP boosted its stake in Summit Therapeutics by 7.9% during the 4th 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 during the last quarter. Vanguard Group Inc. boosted its stake in Summit Therapeutics by 31.2% during the 3rd quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock valued at $235,105,000 after purchasing an additional 2,706,056 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Summit Therapeutics by 106.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock valued at $163,907,000 after purchasing an additional 4,832,592 shares during the last quarter. State Street Corp boosted its stake in Summit Therapeutics by 4.3% during the 4th quarter. State Street Corp now owns 6,636,361 shares of the company’s stock valued at $116,070,000 after purchasing an additional 274,425 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake 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 last quarter. 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.