Mahkam Zanganeh, a Director and Co-Chief Executive Officer at Summit Therapeutics Inc. (NASDAQ:SMMT), reported purchasing shares of the company's common stock in two transactions for a total of $5,984,755. The insider buying comes as the stock has experienced a significant 21.85% decline over the past week, according to InvestingPro data.
On September 10, 2025, Zanganeh acquired 333,394 shares of Summit Therapeutics at prices ranging from $17.49 to $17.89. The weighted average price for these shares was $17.68. An additional 5,000 shares were purchased on September 11, 2025, at a price of $18.07 per share. The company, currently valued at $13.08 billion, maintains strong liquidity with a current ratio of 5.13, though InvestingPro analysis indicates the stock is trading above its Fair Value.
Following these transactions, Zanganeh indirectly holds 556,093,090 shares of Summit Therapeutics' common stock by spouse. Zanganeh also indirectly holds 10,199,776 shares as trustee for the Shaun Zanganeh Irrevocable Trust, 25,457,666 shares as trustee for the Mahkam Zanganeh Revocable Trust, and 50,000 shares through an immediate family member. Zanganeh directly holds 31,000 shares. Notably, the stock tends to move counter to market trends with a beta of -1.03, making it an interesting defensive play. For comprehensive insider trading analysis and 12 additional key insights about SMMT, visit InvestingPro.
In other recent news, Summit Therapeutics has been in the spotlight with several developments. The company presented updated clinical trial data from its global Phase 3 HARMONi trial at the World Conference on Lung Cancer. This trial evaluated ivonescimab plus chemotherapy for EGFR-mutated non-small cell lung cancer, with results showing potential overall survival harm in North American and European patients. Despite these concerns, H.C. Wainwright reiterated its Buy rating and set a $50.00 price target, citing progress in the ivonescimab treatment. JMP Securities also maintained its Market Outperform rating with a $40.00 price target, following the company's presentation of longer-term follow-up data. Additionally, Akeso completed patient enrollment in its Phase 3 study evaluating ivonescimab in China for advanced biliary tract cancer. These updates have led to mixed reactions among analysts and investors.
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