Summit Therapeutics (NASDAQ:SMMT) Trading Up 10.6%

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price was up 10.6% on Tuesday . The stock traded as high as $3.86 and last traded at $3.86. Approximately 399,225 shares were traded during trading, a decline of 82% from the average daily volume of 2,188,287 shares. The stock had previously closed at $3.49.

Analyst Upgrades and Downgrades

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

Summit Therapeutics Stock Performance

The stock has a market cap of $2.49 billion, a PE ratio of -2.32 and a beta of -1.21. The business’s fifty day moving average price is $4.10 and its 200-day moving average price is $3.15. The company has a debt-to-equity ratio of 1.29, a quick ratio of 9.30 and a current ratio of 9.30.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Tuesday, February 20th. The company reported ($0.05) earnings per share for the quarter. The firm had revenue of $0.20 million during the quarter. As a group, equities research analysts forecast that Summit Therapeutics Inc. will post -0.24 EPS for the current fiscal year.

Insider Transactions at Summit Therapeutics

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Barclays PLC raised its stake in shares of Summit Therapeutics by 206.6% during the third quarter. Barclays PLC now owns 148,016 shares of the company’s stock valued at $277,000 after acquiring an additional 99,744 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Summit Therapeutics by 352.8% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 81,071 shares of the company’s stock worth $212,000 after purchasing an additional 63,168 shares during the period. Aristides Capital LLC bought a new position in shares of Summit Therapeutics during the fourth quarter valued at approximately $210,000. Exchange Traded Concepts LLC lifted its holdings in Summit Therapeutics by 34.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 74,971 shares of the company’s stock worth $196,000 after buying an additional 19,011 shares during the period. Finally, Wealth Management Partners LLC lifted its holdings in Summit Therapeutics by 193.3% during the first quarter. Wealth Management Partners LLC now owns 44,000 shares of the company’s stock worth $182,000 after buying an additional 29,000 shares during the period. Hedge funds and other institutional investors own 4.61% of the company’s stock.

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.