Summit Therapeutics (NASDAQ:SMMT) Trading 3.8% Higher

Summit Therapeutics Inc. (NASDAQ:SMMT) traded up 3.8% during trading on Thursday . The stock traded as high as $7.99 and last traded at $7.94. 1,769 shares traded hands during mid-day trading, a decline of 99% from the average session volume of 258,641 shares. The stock had previously closed at $7.65.

Separately, Zacks Investment Research lowered shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Wednesday, July 14th.

The business has a fifty day simple moving average of $7.27.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data on Monday, May 17th. The company reported ($0.21) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.04). Summit Therapeutics had a negative net margin of 430.74% and a negative return on equity of 104.75%. The firm had revenue of $5.64 million for the quarter, compared to analysts’ expectations of $4.41 million. On average, analysts anticipate that Summit Therapeutics Inc. will post -0.66 earnings per share for the current fiscal year.

In related news, COO Maky Zanganeh bought 389,077 shares of the stock in a transaction on Wednesday, May 12th. The shares were acquired at an average price of $5.24 per share, for a total transaction of $2,038,763.48. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Robert W. Duggan bought 11,365,921 shares of the stock in a transaction on Wednesday, May 12th. The shares were bought at an average price of $5.24 per share, for a total transaction of $59,557,426.04. Following the purchase, the chief executive officer now directly owns 67,662,454 shares in the company, valued at approximately $354,551,258.96. The disclosure for this purchase can be found here. 74.79% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the company. Virtu Financial LLC bought a new stake in Summit Therapeutics during the 4th quarter worth approximately $51,000. Squarepoint Ops LLC bought a new stake in Summit Therapeutics during the 4th quarter worth approximately $60,000. Bender Robert & Associates bought a new stake in Summit Therapeutics during the 1st quarter worth approximately $83,000. Citigroup Inc. raised its stake in Summit Therapeutics by 473.4% during the 1st quarter. Citigroup Inc. now owns 15,332 shares of the company’s stock worth $90,000 after acquiring an additional 12,658 shares during the period. Finally, Mercer Global Advisors Inc. ADV bought a new stake in Summit Therapeutics during the 1st quarter worth approximately $99,000. Hedge funds and other institutional investors own 9.55% 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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