Mahkam Zanganeh Acquires 15,973,743 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) Stock

Summit Therapeutics Inc. (NASDAQ:SMMT – Get Rating) CEO Mahkam Zanganeh acquired 15,973,743 shares of the stock in a transaction on Wednesday, March 8th. The stock was bought at an average price of $1.05 per share, for a total transaction of $16,772,430.15. Following the transaction, the chief executive officer now owns 23,395,269 shares in the company, valued at approximately $24,565,032.45. The purchase was disclosed in a document filed with the SEC, which is accessible through this link.

Summit Therapeutics Trading Down 6.6 %

Shares of SMMT opened at $1.42 on Friday. The firm has a 50-day moving average price of $3.16 and a 200 day moving average price of $2.16. The firm has a market capitalization of $285.87 million, a P/E ratio of -1.75 and a beta of -1.01. Summit Therapeutics Inc. has a 12-month low of $0.66 and a 12-month high of $5.78.

Wall Street Analyst Weigh In

Separately, StockNews.com cut shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Wednesday, February 1st.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SMMT. Polar Capital Holdings Plc grew its stake in Summit Therapeutics by 2.5% during the 1st quarter. Polar Capital Holdings Plc now owns 6,272,509 shares of the company’s stock worth $15,368,000 after purchasing an additional 154,598 shares in the last quarter. Marshall Wace LLP grew its holdings in Summit Therapeutics by 342.8% during the 4th quarter. Marshall Wace LLP now owns 622,866 shares of the company’s stock worth $2,647,000 after acquiring an additional 482,206 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Summit Therapeutics by 45.4% in the 4th quarter. Geode Capital Management LLC now owns 471,673 shares of the company’s stock valued at $2,004,000 after purchasing an additional 147,381 shares during the last quarter. Millennium Management LLC acquired a new stake in shares of Summit Therapeutics in the 2nd quarter valued at $457,000. Finally, BlackRock Inc. lifted its position in shares of Summit Therapeutics by 39.3% during the 3rd quarter. BlackRock Inc. now owns 421,086 shares of the company’s stock worth $500,000 after purchasing an additional 118,878 shares during the last quarter. 1.59% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Company Profile

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Summit Therapeutics Inc, a biopharmaceutical company, discovers, develops, and commercializes medicines to treat infectious diseases in the United States and Latin America. It conducts clinical programs focusing on Clostridioides difficile infection (CDI). The company's lead product candidate is ridinilazole, an orally administered small molecule antibiotic that is in Phase III clinical trials for the treatment of CDI.