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Director Mahkam Zanganeh of Summit Therapeutics Inc. (NASDAQ:SMMT), currently valued at $14.26 billion, purchased 26,680 shares of common stock at a price of $18.74 on October 21, 2025. The total value of the purchase amounted to $499,983. According to InvestingPro analysis, the stock typically moves contrary to market trends with a beta of -1.14, making it an interesting defensive play.
Zanganeh also acquired 14,274,405 shares of Summit Therapeutics common stock through private placement transactions, at a price of $18.74 per share, for a total value of $266,999,967. These shares were acquired through the Mahkam Zanganeh Revocable Trust, immediate family members, and by spouse. The company maintains strong liquidity with a current ratio of 5.13, though InvestingPro data suggests current trading levels exceed Fair Value estimates.
Following these transactions, Zanganeh directly and indirectly owns a significant number of Summit Therapeutics shares, including those held by the Shaun Zanganeh Irrevocable Trust. While the company has demonstrated strong returns over the past five years, InvestingPro analysis reveals 8 additional key insights about SMMT’s financial health and market position.
In other recent news, Summit Therapeutics reported its third-quarter earnings for 2025, showcasing a narrower loss than anticipated. The company posted an earnings per share (EPS) of -$0.13, surpassing analysts’ expectations of -$0.17, resulting in a 23.53% surprise. Despite the better-than-expected earnings, the stock experienced a decline, indicating investor concerns over future guidance and operational expenses. Additionally, UBS reiterated its Buy rating and maintained a $30.00 price target after Summit presented positive results from the HARMONi-6 clinical trial. The trial results showed that ivonescimab plus chemotherapy achieved a progression-free survival hazard ratio of 0.60, surpassing the anticipated benchmark.
Furthermore, H.C. Wainwright adjusted its price target for Summit Therapeutics to $40.00 from $50.00 while maintaining a Buy rating, following positive trial data. Similarly, Jefferies lowered its price target to $42.00 from $44.00, also maintaining a Buy rating amid mixed investor reactions. These developments highlight ongoing analyst support despite recent stock volatility and investor concerns.
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