Summit Therapeutics (NASDAQ:SMMT) Director Buys $9,999,982.58 in Stock

Key Points

• Summit Therapeutics Director Yu Xia purchased 533,617 shares of the company's stock for a total of $9,999,982.58, increasing their ownership by 1.69%.
• The company reported a quarterly earnings loss of ($0.31) per share, missing expectations and analysts forecast a similar loss for the current fiscal year.
• Several research firms have provided mixed ratings for Summit Therapeutics, with target prices ranging from $13.00 to $40.00 and an overall rating of "Moderate Buy".

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) Director Yu Xia acquired 533,617 shares of the firm's stock in a transaction dated Tuesday, October 21st. The shares were purchased at an average price of $18.74 per share, with a total value of $9,999,982.58. Following the completion of the transaction, the director owned 32,057,147 shares of the company's stock, valued at $600,750,934.78. This trade represents a 1.69% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Summit Therapeutics Price Performance

Shares of SMMT traded down $0.41 during trading hours on Thursday, hitting $18.75. 4,007,213 shares of the stock were exchanged, compared to its average volume of 3,685,834. Summit Therapeutics PLC has a fifty-two week low of $15.55 and a fifty-two week high of $36.91. The business has a 50-day moving average of $21.87 and a 200-day moving average of $23.37. The firm has a market capitalization of $13.96 billion, a P/E ratio of -15.12 and a beta of -1.13.

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SMMT. Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a research report on Monday, September 8th. Barclays increased 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. Citigroup increased their target price on shares of Summit Therapeutics from $35.00 to $40.00 and gave the stock a "buy" rating in a research note on Monday. Summit Redstone set a $13.00 target price on shares of Summit Therapeutics in a research note on Tuesday, September 16th. Finally, JMP Securities reissued a "market outperform" rating and set a $40.00 target price on shares of Summit Therapeutics in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $31.14.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Norges Bank purchased a new stake in Summit Therapeutics during the second quarter worth about $29,576,000. APEIRON CAPITAL Ltd purchased a new position in Summit Therapeutics during the second quarter valued at approximately $25,556,000. Fiera Capital Corp bought a new stake in Summit Therapeutics during the second quarter valued at approximately $16,659,000. Siren L.L.C. bought a new stake in Summit Therapeutics during the first quarter valued at approximately $13,407,000. Finally, Bank of America Corp DE lifted its holdings in shares of Summit Therapeutics by 53.3% in the 2nd quarter. Bank of America Corp DE now owns 566,147 shares of the company's stock worth $12,048,000 after acquiring an additional 196,925 shares during 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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