Insider Buying: Summit Therapeutics (NASDAQ:SMMT) CFO Purchases $722,500.00 in Stock

Summit Therapeutics PLC (NASDAQ:SMMT) CFO Manmeet Singh Soni bought 50,000 shares of the firm’s stock in a transaction dated Thursday, June 4th. The shares were acquired at an average price of $14.45 per share, with a total value of $722,500.00. Following the purchase, the chief financial officer directly owned 3,123,603 shares of the company’s stock, valued at approximately $45,136,063.35. This trade represents a 1.63% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link.

Summit Therapeutics Stock Performance

Shares of SMMT opened at $14.77 on Friday. Summit Therapeutics PLC has a fifty-two week low of $13.83 and a fifty-two week high of $30.98. The company has a market capitalization of $11.46 billion, a price-to-earnings ratio of -9.23 and a beta of -1.32. The firm has a 50-day simple moving average of $18.96 and a 200-day simple moving average of $17.45.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC increased its holdings in Summit Therapeutics by 4,178.0% in the first quarter. Parallel Advisors LLC now owns 2,139 shares of the company’s stock valued at $41,000 after buying an additional 2,089 shares in the last quarter. Bank of America Corp DE increased its holdings in Summit Therapeutics by 25.4% in the first quarter. Bank of America Corp DE now owns 598,692 shares of the company’s stock valued at $11,351,000 after buying an additional 121,299 shares in the last quarter. Royal Bank of Canada increased its holdings in Summit Therapeutics by 132.2% in the first quarter. Royal Bank of Canada now owns 7,422 shares of the company’s stock valued at $141,000 after buying an additional 4,226 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Summit Therapeutics by 34.4% in the first quarter. The Manufacturers Life Insurance Company now owns 592,810 shares of the company’s stock valued at $11,240,000 after buying an additional 151,857 shares in the last quarter. Finally, Quantinno Capital Management LP increased its holdings in Summit Therapeutics by 415.5% in the first quarter. Quantinno Capital Management LP now owns 73,835 shares of the company’s stock valued at $1,400,000 after buying an additional 59,512 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 several analyst reports. Zacks Research raised shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. Wall Street Zen cut shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Monday, May 18th. Piper Sandler cut their price target on shares of Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Friday, May 1st. Truist Financial raised shares of Summit Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Finally, KeyCorp reissued an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus 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.