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

Summit Therapeutics PLC (NASDAQ:SMMT)’s stock price shot 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 traded hands 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 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, for a total transaction of $49,987,200.00. Following the purchase, the chief executive officer directly owned 573,883,879 shares in the company, valued at $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. The purchase was disclosed in a filing 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 on Friday, June 12th. The stock was bought at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the purchase, the chief executive officer owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. This represents a 0.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SMMT shares. Piper Sandler reduced their target price on shares of Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Friday, May 1st. 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. Wall Street Zen cut shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday, May 18th. Jefferies Financial Group cut shares of Summit Therapeutics from a “buy” rating to a “hold” rating and lowered their price target for the stock from $42.00 to $15.00 in a research report on Monday, March 16th. Finally, Citigroup initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, April 8th. They set a “buy” rating for the company. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $27.23.

Summit Therapeutics Stock Performance

The firm has a market cap of $10.84 billion, a price-to-earnings ratio of -8.74 and a beta of -1.32. The stock’s 50 day simple moving average is $18.65 and its 200-day simple moving average is $17.37.

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

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SMMT. AQR Capital Management LLC lifted its holdings in Summit Therapeutics by 5.0% during the first quarter. AQR Capital Management LLC now owns 65,623 shares of the company’s stock valued at $1,266,000 after purchasing an additional 3,134 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Summit Therapeutics by 1.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock valued at $1,273,000 after purchasing an additional 694 shares in the last quarter. Creative Planning lifted its holdings in Summit Therapeutics by 6.7% during the second quarter. Creative Planning now owns 21,390 shares of the company’s stock valued at $455,000 after purchasing an additional 1,336 shares in the last quarter. Legal & General Group Plc lifted its holdings in Summit Therapeutics by 33.8% during the second quarter. Legal & General Group Plc now owns 26,367 shares of the company’s stock valued at $561,000 after purchasing an additional 6,662 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in Summit Therapeutics during the second quarter valued at $132,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.