Robert Duggan Purchases 26,680 Shares of Summit Therapeutics (NASDAQ:SMMT) Stock

Key Points

• CEO Robert Duggan of Summit Therapeutics acquired 26,680 shares at an average price of $18.74, increasing his total holdings to 76,680 shares valued at approximately $1.44 million.
• Summit Therapeutics reported a loss of $0.31 EPS for the last quarter, missing analysts' expectations by ($0.17), with an average rating of "Moderate Buy" from analysts.
• Recent analyst ratings varied, with Barclays lowering their target price to $16 and Citigroup raising it to $40, reflecting a mix of sentiment towards the stock.

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) CEO Robert Duggan acquired 26,680 shares of the company's stock in a transaction on Tuesday, October 21st. The stock was bought at an average price of $18.74 per share, for a total transaction of $499,983.20. Following the purchase, the chief executive officer owned 76,680 shares in the company, valued at approximately $1,436,983.20. This trade represents a 53.36% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Summit Therapeutics Trading Down 2.1%

SMMT traded down $0.41 during trading on Thursday, hitting $18.75. The stock had a trading volume of 3,943,373 shares, compared to its average volume of 3,830,045. The firm has a market cap of $13.96 billion, a PE ratio of -15.12 and a beta of -1.13. Summit Therapeutics PLC has a 12 month low of $15.55 and a 12 month high of $36.91. The company has a 50 day simple moving average of $22.02 and a 200-day simple moving average of $23.36.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its earnings results on Monday, October 20th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.17). As a group, sell-side analysts anticipate that Summit Therapeutics PLC will post -0.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Barclays boosted their target price on shares of Summit Therapeutics from $13.00 to $16.00 and gave the stock an "underweight" rating in a research note on Tuesday. HC Wainwright dropped their price target on shares of Summit Therapeutics from $50.00 to $40.00 and set a "buy" rating for the company in a research note on Tuesday. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a research note on Monday, September 8th. Citigroup upped their target price on shares of Summit Therapeutics from $35.00 to $40.00 and gave the company a "buy" rating in a research note on Monday. Finally, Summit Redstone set a $13.00 target price on shares of Summit Therapeutics in a research note on Tuesday, September 16th. One investment 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 company. Based on data from MarketBeat, Summit Therapeutics has an average rating of "Moderate Buy" and an average price target of $31.14.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds have recently bought and sold shares of the business. Rockland Trust Co. bought a new position in Summit Therapeutics during the second quarter worth about $8,512,000. APEIRON CAPITAL Ltd acquired a new stake in Summit Therapeutics during the second quarter worth about $25,556,000. Siren L.L.C. acquired a new stake in Summit Therapeutics during the first quarter worth about $13,407,000. Janney Montgomery Scott LLC grew its stake in Summit Therapeutics by 12.1% during the first quarter. Janney Montgomery Scott LLC now owns 17,610 shares of the company's stock worth $340,000 after buying an additional 1,894 shares in the last quarter. Finally, Focus Partners Wealth grew its stake in Summit Therapeutics by 145,546.6% during the first quarter. Focus Partners Wealth now owns 84,475 shares of the company's stock worth $1,630,000 after buying an additional 84,417 shares in the last quarter. 4.61% of the stock is owned by institutional investors.

About Summit Therapeutics

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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