Insider Buying: Summit Therapeutics (NASDAQ:SMMT) CEO Acquires 333,394 Shares of Stock

Key Points

• Summit Therapeutics CEO Robert Duggan acquired 333,394 shares of the company's stock at an average cost of $17.68 per share, totaling nearly $5.9 million.
• The company reported a significant loss of ($0.76) EPS for the last quarter, far exceeding the consensus estimate of ($0.10).
• Analysts have mixed opinions on Summit Therapeutics, with Zacks Research lowering their rating to "strong sell," while Evercore ISI upgraded their price target, indicating varied investor sentiment.

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) CEO Robert W. Duggan bought 333,394 shares of the firm's stock in a transaction on Wednesday, September 10th. The shares were bought at an average price of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the transaction, the chief executive officer directly owned 556,088,090 shares in the company, valued at approximately $9,831,637,431.20. This represents a 0.06% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this link.

Summit Therapeutics Price Performance

Shares of NASDAQ SMMT traded down $0.82 during trading on Tuesday, hitting $18.12. 6,685,620 shares of the company were exchanged, compared to its average volume of 4,680,290. 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 PLC has a 1 year low of $15.55 and a 1 year high of $36.91. The firm's fifty day moving average price is $25.27 and its 200 day moving average price is $23.14.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SMMT. Golden State Wealth Management LLC lifted its holdings in shares of Summit Therapeutics by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after acquiring an additional 751 shares during the period. Ball & Co Wealth Management Inc. purchased a new position in shares of Summit Therapeutics during the 2nd quarter worth about $31,000. CWM LLC lifted its holdings in shares of Summit Therapeutics by 3,455.3% during the 1st quarter. CWM LLC now owns 1,671 shares of the company's stock worth $32,000 after acquiring an additional 1,624 shares during the period. SBI Securities Co. Ltd. lifted its holdings in shares of Summit Therapeutics by 34.1% during the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company's stock worth $37,000 after acquiring an additional 447 shares during the period. Finally, AlphaQuest LLC purchased a new position in shares of Summit Therapeutics during the 1st quarter worth about $49,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on SMMT shares. HC Wainwright reiterated a "buy" rating and issued a $50.00 price objective on shares of Summit Therapeutics in a research report on Tuesday. UBS Group started coverage on shares of Summit Therapeutics in a research report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price objective on the stock. Evercore ISI boosted their price objective on shares of Summit Therapeutics from $30.00 to $34.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. Leerink Partners began coverage on shares of Summit Therapeutics in a report on Wednesday, June 11th. They issued an "underperform" rating and a $12.00 target price on the stock. Finally, Summit Redstone set a $21.00 price target on shares of Summit Therapeutics in a research note on Tuesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price 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.