Robert Duggan Buys 100,000 Shares of Summit Therapeutics (NASDAQ:SMMT) Stock

Summit Therapeutics PLC (NASDAQ:SMMT) CEO Robert Duggan bought 100,000 shares of the firm’s stock in a transaction dated Thursday, June 4th. The shares were acquired at an average price of $14.60 per share, with a total value of $1,460,000.00. Following the purchase, the chief executive officer directly owned 25,824,474 shares of the company’s stock, valued at approximately $377,037,320.40. This trade represents a 0.39% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link.

Summit Therapeutics Stock Performance

NASDAQ:SMMT traded down $0.23 during mid-day trading on Thursday, reaching $14.84. The stock had a trading volume of 5,356,081 shares, compared to its average volume of 3,591,970. The firm has a market capitalization of $11.52 billion, a price-to-earnings ratio of -9.28 and a beta of -1.32. Summit Therapeutics PLC has a twelve month low of $13.83 and a twelve month high of $30.98. The business has a 50 day simple moving average of $19.02 and a 200 day simple moving average of $17.47.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data on Friday, May 1st. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.03. As a group, sell-side analysts expect that Summit Therapeutics PLC will post -1.17 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Tudor Investment Corp ET AL purchased a new position in shares of Summit Therapeutics during the 3rd quarter worth approximately $7,174,000. Vanguard Group Inc. increased its stake in shares of Summit Therapeutics by 31.2% during the 3rd quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock worth $235,105,000 after purchasing an additional 2,706,056 shares in the last quarter. WINTON GROUP Ltd purchased a new position in shares of Summit Therapeutics during the 3rd quarter worth approximately $1,341,000. Assenagon Asset Management S.A. purchased a new position in shares of Summit Therapeutics during the 4th quarter worth approximately $1,043,000. Finally, Skandinaviska Enskilda Banken AB publ increased its stake in shares of Summit Therapeutics by 409.2% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 338,363 shares of the company’s stock worth $6,991,000 after purchasing an additional 271,912 shares in the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SMMT has been the subject of a number of recent analyst reports. Citigroup initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, April 8th. They issued a “buy” rating for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Tuesday, April 21st. KeyCorp restated an “overweight” rating on shares of Summit Therapeutics in a research report on Monday. 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 objective for the company. Finally, Stifel Nicolaus started coverage on shares of Summit Therapeutics in a report on Wednesday, April 8th. They issued a “buy” rating and a $45.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Summit Therapeutics has an average rating of “Hold” and an average target price of $26.05.

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.