Summit Therapeutics (NASDAQ:SMMT) Shares Up 10.6%

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) traded up 10.6% on Tuesday . The company traded as high as $3.86 and last traded at $3.86. 399,225 shares traded hands during trading, a decline of 82% from the average session volume of 2,188,287 shares. The stock had previously closed at $3.49.

Analysts Set New Price Targets

Separately, Stifel Nicolaus assumed coverage on Summit Therapeutics in a report on Tuesday, March 26th. They set a “buy” rating and a $8.00 price objective on the stock.

Summit Therapeutics Price Performance

The company has a quick ratio of 9.30, a current ratio of 9.30 and a debt-to-equity ratio of 1.29. The company has a market cap of $2.60 billion, a price-to-earnings ratio of -2.48 and a beta of -1.21. The company has a fifty day simple moving average of $4.14 and a two-hundred day simple moving average of $3.13.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Tuesday, February 20th. The company reported ($0.05) earnings per share for the quarter. The business had revenue of $0.20 million during the quarter. On average, equities research analysts anticipate that Summit Therapeutics Inc. will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Summit Therapeutics

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

Hedge Funds Weigh In On Summit Therapeutics

Large investors have recently added to or reduced their stakes in the business. Wealth Management Partners LLC purchased a new position in shares of Summit Therapeutics in the 4th quarter worth about $39,000. Federated Hermes Inc. purchased a new position in shares of Summit Therapeutics in the 3rd quarter worth about $33,000. China Universal Asset Management Co. Ltd. raised its holdings in shares of Summit Therapeutics by 95.8% in 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. Tower Research Capital LLC TRC raised its holdings in shares of Summit Therapeutics by 212.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 21,144 shares of the company’s stock worth $55,000 after purchasing an additional 14,384 shares during the period. Finally, Sectoral Asset Management Inc. raised its holdings in shares of Summit Therapeutics by 50.0% in the 4th quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock worth $78,000 after purchasing an additional 10,000 shares during the period. 4.61% of the stock is currently owned by hedge funds and other 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.