Summit Therapeutics (NASDAQ:SMMT) Shares Up 10.6%

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price shot up 10.6% on Tuesday . The stock traded as high as $3.86 and last traded at $3.86. 399,225 shares were traded during mid-day 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 began coverage on shares of Summit Therapeutics in a report on Tuesday, March 26th. They issued a “buy” rating and a $8.00 price target on the stock.

Summit Therapeutics Trading Up 6.3 %

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’s fifty day moving average is $4.14 and its two-hundred day moving average is $3.13. The company has a debt-to-equity ratio of 1.29, a quick ratio of 9.30 and a current ratio of 9.30.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data on Tuesday, February 20th. The company reported ($0.05) EPS for the quarter. The firm had revenue of $0.20 million for the quarter. On average, research analysts anticipate that Summit Therapeutics Inc. will post -0.24 EPS for the current year.

Insider Transactions at Summit Therapeutics

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wealth Management Partners LLC raised its holdings in shares of Summit Therapeutics by 193.3% during the 1st quarter. Wealth Management Partners LLC now owns 44,000 shares of the company’s stock worth $182,000 after acquiring an additional 29,000 shares during the period. Sectoral Asset Management Inc. raised its holdings 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 acquiring an additional 10,000 shares during the period. Aristides Capital LLC purchased a new position in shares of Summit Therapeutics during the 4th quarter worth $210,000. Tower Research Capital LLC TRC raised its holdings 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 acquiring an additional 14,384 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings 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 acquiring an additional 14,098 shares during the period. Hedge funds and other 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.