Citigroup Begins Coverage on Summit Therapeutics (NASDAQ:SMMT)

Citigroup initiated coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research report released on Tuesday morning, Marketbeat reports. The brokerage issued a buy rating and a $7.00 target price on the stock.

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

Summit Therapeutics Stock Up 0.2 %

SMMT opened at $4.79 on Tuesday. Summit Therapeutics has a fifty-two week low of $1.50 and a fifty-two week high of $5.39. The company has a debt-to-equity ratio of 2.26, a quick ratio of 6.97 and a current ratio of 6.97. The stock has a market cap of $3.36 billion, a price-to-earnings ratio of -29.88 and a beta of -1.13. The firm’s fifty day moving average is $4.07 and its 200 day moving average is $3.33.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data 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. On average, sell-side analysts forecast that Summit Therapeutics will post -0.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Ankur Dhingra bought 100,000 shares of Summit Therapeutics stock in a transaction dated Tuesday, March 26th. The shares were purchased at an average cost 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 legal filing with the SEC, which can be accessed through this hyperlink. In other Summit Therapeutics news, CFO Ankur Dhingra acquired 100,000 shares of the stock in a transaction on Tuesday, March 26th. The stock was 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 of the company’s stock, valued at $1,331,092.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 completion of the purchase, the chief executive officer now directly owns 30,000 shares in the company, valued at $112,500. The disclosure for this purchase can be found here. Corporate insiders own 83.70% of the company’s stock.

Institutional Investors Weigh In On Summit Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. lifted its position in Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after buying an additional 3,579 shares during the last quarter. Federated Hermes Inc. bought a new stake in shares of Summit Therapeutics in the 3rd quarter worth about $33,000. China Universal Asset Management Co. Ltd. boosted its stake in shares of Summit Therapeutics by 95.8% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 17,903 shares of the company’s stock worth $33,000 after purchasing an additional 8,758 shares during the period. Wealth Management Partners LLC bought a new position in Summit Therapeutics during the 4th quarter valued at about $39,000. Finally, Tower Research Capital LLC TRC grew its holdings in Summit Therapeutics by 212.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 21,144 shares of the company’s stock valued at $55,000 after purchasing an additional 14,384 shares during the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Company Profile

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.