Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up Following Insider Buying Activity

Key Points

• Summit Therapeutics' shares gapped up to $19.82 in pre-market trading after insider buying by CEO Robert W. Duggan, who purchased over 338,000 shares in recent transactions amounting to approximately $6 million.
• Analysts have rated Summit Therapeutics with an average target price of $33.79, with ratings including a "buy" from HC Wainwright maintaining a $50.00 target.
• In its latest earnings report, Summit Therapeutics missed estimates, reporting ($0.76) earnings per share compared to a consensus of ($0.10).

Shares of Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) gapped up before the market opened on Friday following insider buying activity. The stock had previously closed at $18.60, but opened at $19.82. Summit Therapeutics shares last traded at $19.60, with a volume of 1,083,313 shares traded.

Specifically, CEO Robert W. Duggan acquired 5,000 shares of the business's stock in a transaction on Thursday, September 11th. The shares were acquired at an average cost of $18.07 per share, with a total value of $90,350.00. Following the transaction, the chief executive officer owned 556,093,090 shares in the company, valued at $10,048,602,136.30. The trade was a 0.00% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Robert W. Duggan acquired 333,394 shares of the business's stock in a transaction on Wednesday, September 10th. The shares were purchased at an average cost of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the transaction, the chief executive officer 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 disclosure for this purchase can be found here. In other news, CEO Mahkam Zanganeh acquired 5,000 shares of the business's stock in a transaction on Thursday, September 11th. The shares were acquired at an average cost of $18.07 per share, with a total value of $90,350.00. Following the transaction, the chief executive officer owned 556,093,090 shares in the company, valued at $10,048,602,136.30. The trade was a 0.00% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link.

Analyst Ratings Changes

SMMT has been the topic of several research reports. Leerink Partners initiated coverage on Summit Therapeutics in a research report on Wednesday, June 11th. They set an "underperform" rating and a $12.00 price objective on the stock. Leerink Partnrs raised Summit Therapeutics to a "strong sell" rating in a research report on Wednesday, June 11th. Barclays initiated coverage on Summit Therapeutics in a research report on Wednesday. They issued an "underweight" rating and a $13.00 price target on the stock. Guggenheim initiated coverage on Summit Therapeutics in a research report on Wednesday, September 3rd. They issued a "buy" rating and a $40.00 price target on the stock. Finally, Piper Sandler initiated coverage on Summit Therapeutics in a research report on Monday, August 18th. They issued a "neutral" rating and a $21.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $32.40.

Summit Therapeutics Stock Up 1.0%

The company has a market capitalization of $13.60 billion, a price-to-earnings ratio of -18.24 and a beta of -1.02. The business's 50-day moving average is $25.27 and its 200-day moving average is $23.14.

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

Hedge Funds Weigh In On Summit Therapeutics

Large investors have recently made changes to their positions in the stock. Q3 Asset Management lifted its holdings in Summit Therapeutics by 18.8% during the 2nd quarter. Q3 Asset Management now owns 19,567 shares of the company's stock worth $416,000 after buying an additional 3,094 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in shares of Summit Therapeutics by 0.8% in the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 149,162 shares of the company's stock valued at $3,174,000 after purchasing an additional 1,196 shares in the last quarter. Orion Porfolio Solutions LLC raised its holdings in shares of Summit Therapeutics by 130.6% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 52,964 shares of the company's stock valued at $1,127,000 after purchasing an additional 29,994 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Summit Therapeutics by 73.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 16,044 shares of the company's stock valued at $341,000 after purchasing an additional 6,769 shares in the last quarter. Finally, Florida Financial Advisors LLC raised its holdings in shares of Summit Therapeutics by 23.0% in the 2nd quarter. Florida Financial Advisors LLC now owns 15,921 shares of the company's stock valued at $339,000 after purchasing an additional 2,976 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Company Profile

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.