Summit Therapeutics (NASDAQ:SMMT) Now Covered by Stifel Nicolaus

Stifel Nicolaus started coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research note released on Tuesday morning, MarketBeat reports. The firm issued a buy rating and a $8.00 price target on the stock.

Summit Therapeutics Stock Up 10.4 %

SMMT stock opened at $4.14 on Tuesday. The company has a debt-to-equity ratio of 1.29, a current ratio of 9.30 and a quick ratio of 9.30. Summit Therapeutics has a 52-week low of $1.30 and a 52-week high of $5.22. The company has a 50-day moving average of $4.23 and a two-hundred day moving average of $2.88. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of -2.71 and a beta of -1.21.

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, equities research analysts anticipate that Summit Therapeutics will post -0.24 EPS for the current year.

Insider Activity at Summit Therapeutics

In related news, CFO Ankur Dhingra bought 100,000 shares of Summit Therapeutics stock in a transaction that occurred 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 purchase, the chief financial officer now owns 354,958 shares in the company, valued at $1,331,092.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Summit Therapeutics news, CFO Ankur Dhingra purchased 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 26th. The stock was purchased 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 directly owns 354,958 shares of the company’s stock, valued at approximately $1,331,092.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Mahkam Zanganeh purchased 30,000 shares of the company’s stock in a transaction that occurred 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 transaction, 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 corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in Summit Therapeutics by 374.9% in the second quarter. BlackRock Inc. now owns 8,762,841 shares of the company’s stock worth $21,995,000 after purchasing an additional 6,917,788 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Summit Therapeutics by 15.1% during the fourth quarter. Vanguard Group Inc. now owns 7,014,982 shares of the company’s stock worth $18,309,000 after buying an additional 919,307 shares in the last quarter. Polar Capital Holdings Plc increased its holdings in shares of Summit Therapeutics by 2.5% during the first quarter. Polar Capital Holdings Plc now owns 6,272,509 shares of the company’s stock worth $15,368,000 after buying an additional 154,598 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Summit Therapeutics by 146.0% during the second quarter. Geode Capital Management LLC now owns 2,679,309 shares of the company’s stock worth $6,725,000 after buying an additional 1,590,328 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Summit Therapeutics by 1,743.0% during the second quarter. State Street Corp now owns 2,253,975 shares of the company’s stock worth $5,657,000 after buying an additional 2,131,675 shares in the last quarter. Institutional investors and hedge funds 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.