Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 5.5%

Shares of Summit Therapeutics Inc. (NASDAQ:SMMTGet Free Report) fell 5.5% during mid-day trading on Friday . The stock traded as low as $4.29 and last traded at $4.30. 1,004,878 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 2,128,692 shares. The stock had previously closed at $4.55.

Analysts Set New Price Targets

Separately, StockNews.com began coverage on Summit Therapeutics in a research report on Thursday, October 5th. They issued a “hold” rating on the stock.

Check Out Our Latest Stock Report on Summit Therapeutics

Summit Therapeutics Stock Performance

The company has a 50-day moving average of $2.65 and a 200-day moving average of $2.14. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of -2.77 and a beta of -1.11.

Summit Therapeutics (NASDAQ:SMMTGet Free Report) last announced its quarterly earnings data on Tuesday, November 7th. The company reported ($0.03) earnings per share for the quarter. The business had revenue of $0.27 million during the quarter.

Insider Buying and Selling at Summit Therapeutics

In other news, CFO Ankur Dhingra purchased 20,400 shares of the firm’s stock in a transaction dated Wednesday, December 13th. The shares were acquired at an average price of $2.17 per share, with a total value of $44,268.00. Following the purchase, the chief financial officer now directly owns 254,958 shares of the company’s stock, valued at $553,258.86. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 83.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of SMMT. Polar Capital Holdings Plc raised its holdings in Summit Therapeutics by 2.5% in the 1st quarter. Polar Capital Holdings Plc now owns 6,272,509 shares of the company’s stock valued at $15,368,000 after acquiring an additional 154,598 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Summit Therapeutics during the 2nd quarter worth $49,000. Millennium Management LLC acquired a new stake in shares of Summit Therapeutics during the 2nd quarter worth $457,000. BlackRock Inc. increased its holdings in shares of Summit Therapeutics by 39.3% during the 3rd quarter. BlackRock Inc. now owns 421,086 shares of the company’s stock worth $500,000 after buying an additional 118,878 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Summit Therapeutics during the 3rd quarter worth $167,000. Hedge funds and other institutional investors own 5.01% of the company’s stock.

Summit Therapeutics Company Profile

(Get Free Report)

Summit Therapeutics Inc, a biopharmaceutical company, research and develops primarily oncology therapies in the United States, and the United Kingdom. The company's product pipeline includes SMT-738, a novel class of precision antibiotics for treatment which is in preclinical stage for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.

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