Summit Therapeutics (NASDAQ:SMMT) Shares Up 8.7%

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) shot up 8.7% during trading on Tuesday . The stock traded as high as $4.86 and last traded at $4.86. 688,998 shares were traded during trading, a decline of 68% from the average session volume of 2,179,124 shares. The stock had previously closed at $4.47.

Analyst Ratings Changes

Several brokerages have recently commented on SMMT. Citigroup began coverage on shares of Summit Therapeutics in a research report on Tuesday. They set a “buy” rating and a $7.00 price target on the stock. Stifel Nicolaus began coverage on shares of Summit Therapeutics in a research note on Tuesday, March 26th. They set a “buy” rating and a $8.00 price objective on the stock.

Summit Therapeutics Stock Up 18.8 %

The firm’s 50 day simple moving average is $4.04 and its 200 day simple moving average is $3.29. The company has a market cap of $3.73 billion, a price-to-earnings ratio of -29.88 and a beta of -1.13. The company has a quick ratio of 6.97, a current ratio of 6.97 and a debt-to-equity ratio of 2.26.

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. Sell-side analysts anticipate that Summit Therapeutics Inc. will post -0.25 EPS for the current fiscal year.

Insider Buying and Selling at Summit Therapeutics

In related news, CFO Ankur Dhingra acquired 100,000 shares of the stock in a transaction that occurred on 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 purchase, the chief financial officer now directly owns 354,958 shares of the company’s stock, valued at $1,331,092.50. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO Ankur Dhingra acquired 100,000 shares of the stock in a transaction that occurred on 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 purchase, the chief financial officer now directly owns 354,958 shares of the company’s stock, valued at $1,331,092.50. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mahkam Zanganeh acquired 30,000 shares of the stock in a transaction that occurred on Tuesday, March 26th. The shares were bought at an average price of $3.75 per share, for a total transaction of $112,500.00. Following 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. 83.70% of the stock is owned by company insiders.

Institutional Trading of Summit Therapeutics

Large investors have recently added to or reduced their stakes in the business. Wealth Management Partners LLC bought a new stake in Summit Therapeutics during the fourth quarter worth approximately $39,000. Federated Hermes Inc. bought a new stake in Summit Therapeutics during the third quarter worth approximately $33,000. China Universal Asset Management Co. Ltd. boosted its holdings in Summit Therapeutics by 95.8% during the third quarter. China Universal Asset Management Co. Ltd. now owns 17,903 shares of the company’s stock worth $33,000 after buying an additional 8,758 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Summit Therapeutics by 212.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 21,144 shares of the company’s stock worth $55,000 after buying an additional 14,384 shares in the last quarter. Finally, Sectoral Asset Management Inc. boosted its holdings in Summit Therapeutics by 50.0% during the fourth quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock worth $78,000 after buying an additional 10,000 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors.

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.