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Snatch This Deal Even Lower Than Chief Executive Officer Zanganeh Did
By Market News Video Staff, Wednesday, April 17, 11:11 AM ET
There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on March 27, Summit Therapeutics Inc's Chief Executive Officer, Mahkam Zanganeh, invested $411,094.12 into 110,321 shares of SMMT, for a cost per share of $3.73. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.
In trading on Wednesday, bargain hunters could buy shares of Summit Therapeutics Inc (NASDAQ:SMMT) and achieve a cost basis 6.1% cheaper than Zanganeh, with shares changing hands as low as $3.50 per share. Summit Therapeutics Inc shares are currently trading trading flat on the day. The chart below shows the one year performance of SMMT shares, versus its 200 day moving average:
Looking at the chart above, SMMT's low point in its 52 week range is $1.30 per share, with $5.22 as the 52 week high point — that compares with a last trade of $3.52. By comparison, below is a table showing the prices at which SMMT insider buying was recorded over the last six months:
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