Manmeet Singh Soni Purchases 50,000 Shares of Summit Therapeutics (NASDAQ:SMMT) Stock

Summit Therapeutics PLC (NASDAQ:SMMT) CFO Manmeet Singh Soni purchased 50,000 shares of Summit Therapeutics stock in a transaction dated Thursday, June 4th. The stock was bought at an average cost of $14.45 per share, with a total value of $722,500.00. Following the completion of the purchase, the chief financial officer owned 3,123,603 shares in the company, 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 accessible through the SEC website.

Summit Therapeutics Price Performance

SMMT stock opened at $14.77 on Friday. Summit Therapeutics PLC has a 12 month low of $13.83 and a 12 month high of $30.98. The firm has a market cap of $11.46 billion, a PE 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 posted its quarterly earnings data on Friday, May 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.03. As a group, sell-side analysts expect that Summit Therapeutics PLC will post -1.18 earnings per share for the current year.

Analyst Ratings Changes

SMMT has been the subject of a number of research analyst reports. Stifel Nicolaus initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, April 8th. They issued a “buy” rating and a $45.00 target price for the company. Piper Sandler cut their target price on shares of Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Friday, May 1st. KeyCorp reiterated 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 target price for the company. Finally, Wall Street Zen downgraded shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $26.05.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC grew its position in Summit Therapeutics by 5.0% in the 1st quarter. AQR Capital Management LLC now owns 65,623 shares of the company’s stock worth $1,266,000 after purchasing an additional 3,134 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Summit Therapeutics by 1.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock worth $1,273,000 after purchasing an additional 694 shares during the last quarter. Creative Planning grew its position in Summit Therapeutics by 6.7% in the 2nd quarter. Creative Planning now owns 21,390 shares of the company’s stock worth $455,000 after purchasing an additional 1,336 shares during the last quarter. Legal & General Group Plc grew its position in Summit Therapeutics by 33.8% in the 2nd quarter. Legal & General Group Plc now owns 26,367 shares of the company’s stock worth $561,000 after purchasing an additional 6,662 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Summit Therapeutics in the 2nd quarter worth $132,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.