Summit Therapeutics (NASDAQ:SMMT) CEO Mahkam Zanganeh Buys 333,394 Shares

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 bought 333,394 shares of the stock in a transaction on Wednesday, September 10th. The stock was acquired at an average price of $17.68 per share, with a total value of $5,894,405.92. Following the completion of 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

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

Summit Therapeutics Stock Performance

Shares of SMMT stock traded up $1.00 during trading hours on Thursday, hitting $18.60. 6,064,050 shares of the company were exchanged, compared to its average volume of 4,235,645. The company has a 50 day simple moving average of $25.55 and a two-hundred day simple moving average of $23.12. Summit Therapeutics PLC has a fifty-two week low of $15.55 and a fifty-two week high of $36.91.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.66). On average, equities analysts forecast that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its holdings in shares of Summit Therapeutics by 358.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company's stock worth $3,664,000 after buying an additional 160,592 shares during the last quarter. Bank of America Corp DE raised its position in Summit Therapeutics by 10.5% in the fourth quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock worth $7,701,000 after acquiring an additional 40,908 shares during the period. Janney Montgomery Scott LLC boosted its stake in Summit Therapeutics by 12.1% in the first quarter. Janney Montgomery Scott LLC now owns 17,610 shares of the company's stock valued at $340,000 after acquiring an additional 1,894 shares during the last quarter. Ameriprise Financial Inc. purchased a new position in Summit Therapeutics in the fourth quarter valued at about $406,000. Finally, GAMMA Investing LLC grew its position in shares of Summit Therapeutics by 2,629.7% during the 1st quarter. GAMMA Investing LLC now owns 15,914 shares of the company's stock valued at $307,000 after acquiring an additional 15,331 shares during the period. 4.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SMMT shares. Leerink Partners began coverage on Summit Therapeutics in a report on Wednesday, June 11th. They set an "underperform" rating and a $12.00 price objective for the company. HC Wainwright reaffirmed a "buy" rating and issued a $50.00 price target on shares of Summit Therapeutics in a research report on Monday. JMP Securities reiterated a "market outperform" rating and set a $40.00 price target on shares of Summit Therapeutics in a research note on Wednesday, September 3rd. UBS Group initiated coverage on Summit Therapeutics in a research note on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price objective for the company. Finally, Summit Redstone set a $21.00 target price on Summit Therapeutics in a research report on Tuesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, Summit Therapeutics 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.

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