Summit Therapeutics (NASDAQ:SMMT) CEO Robert Duggan Buys 3,810,000 Shares

Summit Therapeutics PLC (NASDAQ:SMMT) CEO Robert Duggan purchased 3,810,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was purchased at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the acquisition, 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 transaction was disclosed in a legal filing with the SEC, which is available at this link.

Summit Therapeutics Stock Up 3.9%

Shares of NASDAQ:SMMT traded up $0.51 during midday trading on Friday, reaching $13.59. 4,100,217 shares of the company were exchanged, compared to its average volume of 3,729,399. The firm has a market cap of $10.54 billion, a PE ratio of -8.40 and a beta of -1.32. Summit Therapeutics PLC has a fifty-two week low of $12.55 and a fifty-two week high of $30.98. The stock has a fifty day simple moving average of $18.65 and a two-hundred day simple moving average of $17.37.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Truist Financial upgraded shares of Summit Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Jefferies Financial Group cut Summit Therapeutics from a “buy” rating to a “hold” rating and reduced their price target for the company from $42.00 to $15.00 in a research report on Monday, March 16th. Wall Street Zen downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, May 18th. Piper Sandler lowered their price target on Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Friday, May 1st. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a report on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $27.23.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SMMT. Baker BROS. Advisors LP lifted its holdings in shares of Summit Therapeutics by 7.9% during the fourth quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock worth $636,480,000 after buying an additional 2,668,089 shares in the last quarter. Vanguard Group Inc. increased its position in Summit Therapeutics by 31.2% during the third quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock worth $235,105,000 after acquiring an additional 2,706,056 shares during the period. Price T Rowe Associates Inc. MD increased its position in Summit Therapeutics by 106.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock worth $163,907,000 after acquiring an additional 4,832,592 shares during the period. State Street Corp raised its stake in Summit Therapeutics by 4.3% in the 4th quarter. State Street Corp now owns 6,636,361 shares of the company’s stock worth $116,070,000 after purchasing an additional 274,425 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Summit Therapeutics by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 3,147,480 shares of the company’s stock worth $55,063,000 after purchasing an additional 14,745 shares in the last quarter. Institutional investors own 4.61% of the company’s stock.

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.