Summit Therapeutics (NASDAQ:SMMT) CEO Robert Duggan Buys 26,680 Shares

Summit Therapeutics PLC (NASDAQ:SMMT) CEO Robert Duggan purchased 26,680 shares of the business’s stock in a transaction on Tuesday, October 21st. The shares were purchased at an average price of $18.74 per share, with a total value of $499,983.20. Following the acquisition, the chief executive officer directly owned 76,680 shares in the company, valued at $1,436,983.20. This represents a 53.36% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Summit Therapeutics Price Performance

NASDAQ SMMT opened at $18.75 on Friday. The stock has a market capitalization of $13.96 billion, a PE ratio of -15.12 and a beta of -1.13. The business has a 50 day simple moving average of $21.87 and a two-hundred day simple moving average of $23.37. Summit Therapeutics PLC has a 1-year low of $15.55 and a 1-year high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Monday, October 20th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.17). On average, analysts anticipate that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of SMMT. Norges Bank purchased a new stake in shares of Summit Therapeutics in the second quarter worth approximately $29,576,000. APEIRON CAPITAL Ltd purchased a new stake in shares of Summit Therapeutics in the second quarter worth approximately $25,556,000. Fiera Capital Corp purchased a new stake in shares of Summit Therapeutics in the second quarter worth approximately $16,659,000. Siren L.L.C. purchased a new stake in shares of Summit Therapeutics in the first quarter worth approximately $13,407,000. Finally, Adage Capital Partners GP L.L.C. purchased a new stake in shares of Summit Therapeutics in the first quarter worth approximately $10,378,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SMMT has been the subject of several analyst reports. Barclays raised their price objective on Summit Therapeutics from $13.00 to $16.00 and gave the company an “underweight” rating in a research note on Tuesday. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research note on Monday, September 8th. Summit Redstone set a $13.00 price objective on Summit Therapeutics in a research note on Tuesday, September 16th. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research note on Monday. Finally, Citigroup raised their price objective on Summit Therapeutics from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Summit Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.14.

Summit Therapeutics Company Profile

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company’s lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.