Summit Therapeutics (NASDAQ:SMMT) CEO Robert Duggan Acquires 333,394 Shares

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 Duggan purchased 333,394 shares of the firm's stock in a transaction on Wednesday, September 10th. The stock was acquired at an average cost of $17.68 per share, with a total value of $5,894,405.92. Following the transaction, the chief executive officer directly owned 556,088,090 shares in the company, valued at $9,831,637,431.20. This trade represents a 0.06% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which can be accessed through this link.

Summit Therapeutics Stock Up 5.7%

Shares of Summit Therapeutics stock traded up $1.00 during trading hours on Thursday, reaching $18.60. 6,064,050 shares of the company were exchanged, compared to its average volume of 4,235,645. Summit Therapeutics PLC has a 1 year low of $15.55 and a 1 year high of $36.91. The stock's fifty day moving average is $25.55 and its 200 day moving average is $23.12.

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

Wall Street Analyst Weigh In

A number of analysts recently weighed in on SMMT shares. Zacks Research lowered shares of Summit Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 14th. Evercore ISI increased their price objective on shares of Summit Therapeutics from $30.00 to $34.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Piper Sandler initiated coverage on shares of Summit Therapeutics in a report on Monday, August 18th. They issued a "neutral" rating and a $21.00 price objective on the stock. Leerink Partners started coverage on shares of Summit Therapeutics in a research note on Wednesday, June 11th. They set an "underperform" rating and a $12.00 target price for the company. Finally, Wall Street Zen lowered Summit Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. One equities research 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. According to data from MarketBeat.com, Summit Therapeutics has an average rating of "Moderate Buy" and an average target price of $33.79.

Institutional Investors Weigh In On Summit Therapeutics

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.