Mahkam Zanganeh Acquires 333,394 Shares of Summit Therapeutics (NASDAQ:SMMT) Stock

Key Points

• Mahkam Zanganeh, the CEO of Summit Therapeutics, purchased 333,394 shares on September 10th at an average price of $17.68 per share, totaling nearly $5.9 million.
• Following this acquisition, Zanganeh owns a total of 556 million shares valued at approximately $9.83 billion, indicating a 0.06% increase in his position.
• Summit Therapeutics recently reported a loss of $0.76 EPS for the last quarter, missing analysts' expectations by $0.66, with a forecasted EPS of -0.3 for the current year.

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) CEO Mahkam Zanganeh acquired 333,394 shares of the business's stock in a transaction on Wednesday, September 10th. The shares were bought at an average cost of $17.68 per share, for a total transaction of $5,894,405.92. Following the acquisition, the chief executive officer owned 556,088,090 shares of the company's stock, valued at $9,831,637,431.20. This represents a 0.06% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

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

• On Thursday, September 11th, Mahkam Zanganeh acquired 5,000 shares of Summit Therapeutics stock. The shares were bought at an average cost of $18.07 per share, for a total transaction of $90,350.00.

Summit Therapeutics Stock Performance

SMMT stock traded down $0.82 during midday trading on Tuesday, reaching $18.12. 6,685,620 shares of the company were exchanged, compared to its average volume of 4,680,290. Summit Therapeutics PLC has a 1-year low of $15.55 and a 1-year high of $36.91. The stock's 50-day simple moving average is $25.27 and its 200 day simple moving average is $23.14. The company has a market cap of $13.46 billion, a price-to-earnings ratio of -17.94 and a beta of -1.02.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.76) earnings per share for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.66). On average, research analysts anticipate that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of SMMT. Norges Bank purchased a new position in Summit Therapeutics in the 2nd quarter valued at $29,576,000. APEIRON CAPITAL Ltd purchased a new position in Summit Therapeutics in the 2nd quarter valued at $25,556,000. Fiera Capital Corp purchased a new position in Summit Therapeutics in the 2nd quarter valued at $16,659,000. Siren L.L.C. purchased a new position in Summit Therapeutics in the 1st quarter valued at $13,407,000. Finally, Adage Capital Partners GP L.L.C. purchased a new position in Summit Therapeutics in the 1st quarter valued at $10,378,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SMMT. UBS Group began coverage on shares of Summit Therapeutics in a report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 target price on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Summit Therapeutics in a report on Monday, September 8th. HC Wainwright reaffirmed a "buy" rating and issued a $50.00 target price on shares of Summit Therapeutics in a report on Tuesday. Guggenheim began coverage on shares of Summit Therapeutics in a report on Wednesday, September 3rd. They issued a "buy" rating and a $40.00 target price on the stock. Finally, Zacks Research cut shares of Summit Therapeutics from a "hold" rating to a "strong sell" rating in a report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Summit Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $33.79.

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.