Summit Therapeutics (NASDAQ:SMMT) Trading Up 3.4%

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price was up 3.4% on Monday . The stock traded as high as $6.73 and last traded at $6.60. Approximately 2,717 shares changed hands during trading, a decline of 99% from the average daily volume of 218,447 shares. The stock had previously closed at $6.38.

Separately, Zacks Investment Research cut Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Thursday, August 19th.

The company has a market capitalization of $631.04 million, a P/E ratio of -7.04 and a beta of 0.65. The company has a fifty day moving average price of $7.41 and a two-hundred day moving average price of $6.84.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Wednesday, August 11th. The company reported ($0.27) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by ($0.09). Summit Therapeutics had a negative return on equity of 96.34% and a negative net margin of 350.72%. Sell-side analysts expect that Summit Therapeutics Inc. will post -1.06 earnings per share for the current year.

Hedge funds have recently made changes to their positions in the stock. Advisor Group Holdings Inc. bought a new stake in Summit Therapeutics in the second quarter valued at approximately $44,000. State of Wisconsin Investment Board bought a new stake in Summit Therapeutics in the second quarter valued at approximately $79,000. Citigroup Inc. boosted its holdings in Summit Therapeutics by 473.4% in the first quarter. Citigroup Inc. now owns 15,332 shares of the company’s stock valued at $90,000 after acquiring an additional 12,658 shares during the last quarter. Rhumbline Advisers bought a new stake in Summit Therapeutics in the second quarter valued at approximately $93,000. Finally, Mercer Global Advisors Inc. ADV bought a new stake in Summit Therapeutics in the first quarter valued at approximately $99,000. Institutional investors and hedge funds own 11.39% of the company’s stock.

About Summit Therapeutics (NASDAQ:SMMT)

Summit Therapeutics Inc, a biopharmaceutical company, discovers, develops, and commercializes medicines to treat infectious diseases in the United States, Latin America, and Europe. It conducts clinical programs focusing on the Clostridioides difficile infection (CDI). The company's lead product candidate is ridinilazole, an orally administered small molecule antibiotic that is in Phase III clinical trials for the treatment of CDI.

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