Tower Research Capital LLC TRC Boosts Stock Holdings in Summit Therapeutics Inc. (NASDAQ:SMMT)

Tower Research Capital LLC TRC lifted its position in Summit Therapeutics Inc. (NASDAQ:SMMT) by 212.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,144 shares of the company’s stock after purchasing an additional 14,384 shares during the period. Tower Research Capital LLC TRC’s holdings in Summit Therapeutics were worth $55,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. raised its position in shares of Summit Therapeutics by 95.8% in the third quarter. China Universal Asset Management Co. Ltd. now owns 17,903 shares of the company’s stock worth $33,000 after acquiring an additional 8,758 shares during the period. Barclays PLC raised its holdings in Summit Therapeutics by 206.6% in the 3rd quarter. Barclays PLC now owns 148,016 shares of the company’s stock worth $277,000 after purchasing an additional 99,744 shares during the period. Rathbones Group PLC purchased a new position in Summit Therapeutics during the third quarter worth approximately $57,000. Federated Hermes Inc. purchased a new position in Summit Therapeutics during the third quarter worth approximately $33,000. Finally, Exchange Traded Concepts LLC grew its holdings in Summit Therapeutics by 34.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 74,971 shares of the company’s stock valued at $196,000 after purchasing an additional 19,011 shares during the period. 4.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

Summit Therapeutics Price Performance

SMMT traded up $0.02 during midday trading on Monday, hitting $3.88. 1,452,675 shares of the company traded hands, compared to its average volume of 2,166,253. The business has a 50 day simple moving average of $4.03 and a two-hundred day simple moving average of $3.20. Summit Therapeutics Inc. has a 52-week low of $1.33 and a 52-week high of $5.22. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of -2.54 and a beta of -1.21. The company has a current ratio of 9.30, a quick ratio of 9.30 and a debt-to-equity ratio of 1.29.

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

Analysts Set New Price Targets

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

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.