Summit Therapeutics (NASDAQ:SMMT) Shares Up 8.7%

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

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Stifel Nicolaus assumed coverage on shares of Summit Therapeutics in a report on Tuesday, March 26th. They issued a “buy” rating and a $8.00 price objective on the stock. Citigroup began coverage on shares of Summit Therapeutics in a report on Tuesday. They issued a “buy” rating and a $7.00 target price on the stock.

Summit Therapeutics Price Performance

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

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Tuesday, February 20th. The company reported ($0.05) earnings per share for the quarter. The company had revenue of $0.20 million for the quarter. As a group, sell-side analysts predict that Summit Therapeutics Inc. will post -0.25 earnings per share for the current fiscal year.

Insider Activity at Summit Therapeutics

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. China Universal Asset Management Co. Ltd. lifted 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 buying an additional 8,758 shares during the last quarter. Sectoral Asset Management Inc. lifted its stake in shares of Summit Therapeutics by 50.0% during the 4th 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 during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Summit Therapeutics by 55.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,727 shares of the company’s stock worth $104,000 after buying an additional 14,098 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Summit Therapeutics by 212.8% during the 4th 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 during the last quarter. Finally, Wealth Management Partners LLC acquired a new stake in Summit Therapeutics in the 4th quarter worth about $39,000. Institutional investors own 4.61% of the company’s stock.

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.