Summit Therapeutics Inc. (NASDAQ:SMMT) CEO Mahkam Zanganeh Buys 15,973,743 Shares

Summit Therapeutics Inc. (NASDAQ:SMMT – Get Rating) CEO Mahkam Zanganeh bought 15,973,743 shares of the business’s stock in a transaction dated Wednesday, March 8th. The shares were purchased 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 directly owns 23,395,269 shares of the company’s stock, valued at approximately $24,565,032.45. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Summit Therapeutics Stock Performance

Shares of Summit Therapeutics stock opened at $1.42 on Friday. The company’s fifty day moving average is $3.16 and its two-hundred day moving average is $2.16. Summit Therapeutics Inc. has a 1 year low of $0.66 and a 1 year high of $5.78. The company has a market capitalization of $285.87 million, a P/E ratio of -1.75 and a beta of -1.01.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Wednesday, February 1st.

Hedge Funds Weigh In On Summit Therapeutics

Several institutional investors have recently added to or reduced their stakes in SMMT. Steward Partners Investment Advisory LLC purchased a new position in shares of Summit Therapeutics in the 4th quarter valued at approximately $1,296,000. Virtu Financial LLC purchased a new position in Summit Therapeutics in the 4th quarter valued at $109,000. Susquehanna Fundamental Investments LLC acquired a new position in Summit Therapeutics in the 4th quarter valued at $170,000. Man Group plc raised its position in Summit Therapeutics by 46.9% during the 4th quarter. Man Group plc now owns 23,092 shares of the company’s stock worth $98,000 after buying an additional 7,373 shares during the last quarter. Finally, Boothbay Fund Management LLC acquired a new stake in shares of Summit Therapeutics in the 4th quarter worth $940,000. Institutional investors and hedge funds own 1.59% of the company’s stock.

Summit Therapeutics Company Profile

(Get Rating)

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.