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Robert W. Duggan, a director and Co-Chief Executive Officer at Summit Therapeutics Inc. (NASDAQ:SMMT), a $14.26 billion market cap company, acquired 26,680 shares of common stock at a price of $18.74 on October 21, 2025, in a transaction valued at $499,983. According to InvestingPro analysis, the stock is currently trading above its Fair Value, with 8 more key insights available to subscribers.
According to a Form 4 filing with the Securities and Exchange Commission, Duggan also acquired 14,247,597 shares of Summit Therapeutics’ common stock through private placement transactions. These acquisitions include 13,980,789 shares acquired directly and 266,808 indirectly through a trust. All shares were purchased at $18.74 per share, totaling approximately $266,999,967. The stock, which typically moves opposite to the market with a beta of -1.14, maintains strong liquidity with a current ratio of 5.13.
Following these transactions, Duggan directly owns 570,073,879 shares of Summit Therapeutics. He also has indirect ownership through various trusts. For comprehensive analysis of overvalued stocks like SMMT (trading at 51.9x book value), visit our Most Overvalued Stocks list, featuring detailed Pro Research Reports available on InvestingPro.
In other recent news, Summit Therapeutics reported its third-quarter earnings for 2025, revealing a narrower-than-expected loss per share. The company’s earnings per share were -$0.13, surpassing analysts’ projections of -$0.17, resulting in a 23.53% surprise. Despite the better-than-expected earnings, investor concerns over future guidance and operational expenses led to a significant drop in stock price. Additionally, H.C. Wainwright lowered its price target for Summit Therapeutics to $40.00 from $50.00 while maintaining a Buy rating, following positive progression-free survival results from the HARMONi-6 trial in first-line squamous non-small cell lung cancer.
Jefferies also adjusted its price target for Summit Therapeutics, reducing it to $42.00 from $44.00, maintaining a Buy rating amidst mixed investor reactions to recent company updates. Meanwhile, UBS reiterated its Buy rating and a $30.00 price target after Summit Therapeutics presented detailed HARMONi-6 clinical trial data. The trial showed that ivonescimab plus chemotherapy achieved a progression-free survival hazard ratio of 0.60, surpassing the anticipated benchmark. These developments reflect the ongoing interest and varied reactions from the investment community regarding Summit Therapeutics’ performance and prospects.
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