Mahkam Zanganeh Buys 26,680 Shares of Summit Therapeutics (NASDAQ:SMMT) Stock

Key Points

• CEO Mahkam Zanganeh purchased 26,680 shares of Summit Therapeutics at an average price of $18.74, increasing his ownership to 76,680 shares valued at approximately $1.44 million.
• Summit Therapeutics reported a quarterly loss of ($0.31) earnings per share, missing analysts' expectations, with predictions of a -0.3 earnings per share for the fiscal year.
• Institutional investors recently increased their holdings in Summit Therapeutics, with notable purchases including $29.6 million from Norges Bank and $25.6 million from APEIRON CAPITAL Ltd.

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) CEO Mahkam Zanganeh bought 26,680 shares of the company's stock in a transaction on Tuesday, October 21st. The shares were acquired at an average price of $18.74 per share, with a total value of $499,983.20. Following the transaction, the chief executive officer directly owned 76,680 shares in the company, valued at approximately $1,436,983.20. The trade was a 53.36% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through this link.

Mahkam Zanganeh also recently made the following trade(s):

• On Thursday, September 11th, Mahkam Zanganeh bought 5,000 shares of Summit Therapeutics stock. The shares were acquired at an average price of $18.07 per share, with a total value of $90,350.00.
• On Wednesday, September 10th, Mahkam Zanganeh bought 333,394 shares of Summit Therapeutics stock. The shares were acquired at an average price of $17.68 per share, with a total value of $5,894,405.92.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock traded down $0.41 on Thursday, hitting $18.75. 3,943,373 shares of the company's stock traded hands, compared to its average volume of 3,830,045. Summit Therapeutics PLC has a one year low of $15.55 and a one year high of $36.91. The stock has a market capitalization of $13.96 billion, a PE ratio of -15.12 and a beta of -1.13. The firm's 50-day moving average price is $22.02 and its two-hundred day moving average price is $23.36.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its earnings results on Monday, October 20th. The company reported ($0.31) earnings per share for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.17). On average, analysts forecast that Summit Therapeutics PLC will post -0.3 earnings per share for the current fiscal year.

Institutional Trading of Summit Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank bought a new position in Summit Therapeutics in the 2nd quarter valued at $29,576,000. APEIRON CAPITAL Ltd bought a new position in shares of Summit Therapeutics in the second quarter worth $25,556,000. Fiera Capital Corp bought a new position in shares of Summit Therapeutics in the second quarter worth $16,659,000. Siren L.L.C. bought a new position in shares of Summit Therapeutics in the first quarter worth $13,407,000. Finally, Adage Capital Partners GP L.L.C. purchased a new position in Summit Therapeutics in the 1st quarter worth approximately $10,378,000. Institutional investors own 4.61% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on SMMT shares. Piper Sandler started coverage on shares of Summit Therapeutics in a report on Monday, August 18th. They issued a "neutral" rating and a $21.00 price target on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Summit Therapeutics in a report on Wednesday, October 8th. JMP Securities reiterated a "market outperform" rating and set a $40.00 price target on shares of Summit Therapeutics in a research report on Monday. Zacks Research upgraded shares of Summit Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Monday, October 13th. Finally, Summit Redstone set a $13.00 price target on shares of Summit Therapeutics in a research note on Tuesday, September 16th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, Summit Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $31.14.

Summit Therapeutics Company Profile

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company's lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.

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