Summit Therapeutics (NASDAQ:SMMT) Shares Up 7.5% on Insider Buying Activity

Summit Therapeutics PLC (NASDAQ:SMMT) traded up 7.5% on Friday following insider buying activity. The stock traded as high as $13.98 and last traded at $14.0670. 6,604,811 shares were traded during trading, an increase of 76% from the average session volume of 3,760,885 shares. The stock had previously closed at $13.08.

Specifically, CEO Mahkam Zanganeh acquired 3,810,000 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were acquired at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the acquisition, the chief executive officer directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert W. Duggan purchased 3,810,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was acquired at an average cost of $13.12 per share, for a total transaction of $49,987,200.00. Following the completion of the purchase, the chief executive officer 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 SEC filing for this purchase provides additional information.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Citigroup assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, April 8th. They issued a “buy” rating on the stock. Piper Sandler decreased their price target on shares of Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Friday, May 1st. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a research note on Friday, May 22nd. HC Wainwright downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating in a research note on Friday, May 22nd. Finally, Jefferies Financial Group downgraded shares of Summit Therapeutics from a “buy” rating to a “hold” rating and decreased their price target for the stock from $42.00 to $15.00 in a research note on Monday, March 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Summit Therapeutics has an average rating of “Hold” and a consensus price target of $27.23.

Summit Therapeutics Price Performance

The business’s 50 day simple moving average is $18.65 and its 200 day simple moving average is $17.37. The company has a market capitalization of $10.84 billion, a PE ratio of -8.74 and a beta of -1.32.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Friday, May 1st. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. As a group, analysts anticipate that Summit Therapeutics PLC will post -1.18 EPS for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Ball & Co Wealth Management Inc. purchased a new stake in shares of Summit Therapeutics in the 1st quarter valued at approximately $28,000. Kestra Advisory Services LLC purchased a new stake in Summit Therapeutics during the 4th quarter worth approximately $28,000. Parallel Advisors LLC acquired a new stake in Summit Therapeutics during the 3rd quarter worth approximately $39,000. T. Rowe Price Investment Management Inc. lifted its holdings in Summit Therapeutics by 2,654.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after buying an additional 1,805 shares in the last quarter. Finally, Truvestments Capital LLC lifted its holdings in Summit Therapeutics by 200.2% during the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock worth $46,000 after buying an additional 1,736 shares in the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.