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

Summit Therapeutics PLC (NASDAQ:SMMT)’s share price gapped up before the market opened on Friday after an insider bought additional shares in the company. 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 changing hands.

Specifically, CEO Robert W. Duggan purchased 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The shares were purchased at an average cost of $18.07 per share, with a total value of $90,350.00. Following the completion of the acquisition, the chief executive officer directly owned 556,093,090 shares of the company’s stock, valued at approximately $10,048,602,136.30. The trade was a 0.00% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert W. Duggan purchased 333,394 shares of the business’s stock in a transaction that occurred on Wednesday, September 10th. The stock was bought at an average cost of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the acquisition, the chief executive officer directly owned 556,088,090 shares of the company’s stock, valued at $9,831,637,431.20. This represents a 0.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. In related news, CEO Mahkam Zanganeh purchased 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The shares were purchased at an average cost of $18.07 per share, with a total value of $90,350.00. Following the completion of the acquisition, the chief executive officer directly owned 556,093,090 shares of the company’s stock, valued at approximately $10,048,602,136.30. The trade was a 0.00% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on SMMT. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a report on Monday, September 8th. Leerink Partners assumed coverage on shares of Summit Therapeutics in a report on Wednesday, June 11th. They set an “underperform” rating and a $12.00 target price on the stock. Wall Street Zen cut shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Evercore ISI increased their target price on shares of Summit Therapeutics from $30.00 to $34.00 and gave the stock an “outperform” rating in a report on Tuesday, August 12th. Finally, Summit Redstone set a $21.00 target price on shares of Summit Therapeutics in a report on Tuesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $33.79.

Summit Therapeutics Stock Up 1.8%

The firm’s 50-day moving average price is $25.45 and its 200 day moving average price is $23.13. The firm has a market cap of $14.07 billion, a P/E ratio of -18.75 and a beta of -1.02.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly 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). On average, equities analysts predict that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Several institutional investors have recently modified their holdings of the company. Norges Bank bought a new position in shares of Summit Therapeutics during the second quarter worth about $29,576,000. APEIRON CAPITAL Ltd bought a new position in Summit Therapeutics in the 2nd quarter valued at about $25,556,000. Fiera Capital Corp bought a new position in Summit Therapeutics in the 2nd quarter valued at about $16,659,000. Siren L.L.C. bought a new position in Summit Therapeutics in the 1st quarter valued at about $13,407,000. Finally, Bank of America Corp DE grew its position in Summit Therapeutics by 53.3% in the 2nd quarter. Bank of America Corp DE now owns 566,147 shares of the company’s stock valued at $12,048,000 after buying an additional 196,925 shares in the last quarter. Institutional investors own 4.61% of the company’s stock.

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.