Summit Therapeutics (NASDAQ:SMMT) Trading 3.6% Higher

Summit Therapeutics Inc. (NASDAQ:SMMT) shares were up 3.6% during mid-day trading on Tuesday . The stock traded as high as $4.06 and last traded at $4.02. Approximately 594,075 shares were traded during trading, a decline of 72% from the average daily volume of 2,146,682 shares. The stock had previously closed at $3.88.

Analysts Set New Price Targets

Separately, Stifel Nicolaus assumed coverage on Summit Therapeutics in a research report on Tuesday, March 26th. They issued a “buy” rating and a $8.00 target price for the company.

Summit Therapeutics Stock Performance

The company has a quick ratio of 9.30, a current ratio of 9.30 and a debt-to-equity ratio of 1.29. The stock has a 50-day moving average price of $4.03 and a 200 day moving average price of $3.20. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of -2.60 and a beta of -1.21.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Tuesday, February 20th. The company reported ($0.05) EPS for the quarter. The business had revenue of $0.20 million for the quarter. On average, analysts forecast that Summit Therapeutics Inc. will post -0.24 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Mahkam Zanganeh purchased 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 26th. The stock was purchased at an average cost of $3.75 per share, with a total value of $112,500.00. Following the completion of the acquisition, the chief executive officer now directly owns 30,000 shares of the company’s stock, valued at approximately $112,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Mahkam Zanganeh acquired 30,000 shares of Summit Therapeutics stock in a transaction that occurred on Tuesday, March 26th. The stock was purchased at an average price of $3.75 per share, for a total transaction of $112,500.00. Following the completion of the purchase, the chief executive officer now directly owns 30,000 shares of the company’s stock, valued at $112,500. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Ankur Dhingra bought 100,000 shares of the stock in a transaction on Tuesday, March 26th. The shares were bought at an average price of $3.75 per share, for a total transaction of $375,000.00. Following the completion of the transaction, the chief financial officer now directly owns 354,958 shares of the company’s stock, valued at approximately $1,331,092.50. The disclosure for this purchase can be found here. 83.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of SMMT. Barclays PLC increased its position in shares of Summit Therapeutics by 206.6% in the third quarter. Barclays PLC now owns 148,016 shares of the company’s stock valued at $277,000 after buying an additional 99,744 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Summit Therapeutics by 66.3% in the first quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company’s stock valued at $558,000 after acquiring an additional 53,774 shares in the last quarter. Aristides Capital LLC purchased a new stake in Summit Therapeutics during the 4th quarter worth about $210,000. Exchange Traded Concepts LLC grew its stake in Summit Therapeutics by 34.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 74,971 shares of the company’s stock worth $196,000 after acquiring an additional 19,011 shares during the period. Finally, Wealth Management Partners LLC increased its stake in Summit Therapeutics by 193.3% in the first quarter. Wealth Management Partners LLC now owns 44,000 shares of the company’s stock valued at $182,000 after purchasing an additional 29,000 shares during the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

About Summit Therapeutics

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company's lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.