Summit Therapeutics (NASDAQ:SMMT) Shares Down 5.5%

Summit Therapeutics Inc. (NASDAQ:SMMTGet Free Report) shares dropped 5.5% during trading on Wednesday . The company traded as low as $4.65 and last traded at $4.79. Approximately 721,385 shares traded hands during trading, a decline of 65% from the average daily volume of 2,072,743 shares. The stock had previously closed at $5.07.

Summit Therapeutics Stock Down 2.5 %

The company’s 50-day simple moving average is $3.91 and its 200 day simple moving average is $2.64. The company has a debt-to-equity ratio of 1.29, a current ratio of 9.30 and a quick ratio of 9.30.

Insider Activity

In other Summit Therapeutics news, CFO Ankur Dhingra bought 20,400 shares of Summit Therapeutics stock in a transaction dated Wednesday, December 13th. The shares were bought 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 owns 254,958 shares of the company’s stock, valued at $553,258.86. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 83.70% of the company’s stock.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds have recently made changes to their positions in the business. Sei Investments Co. acquired a new stake in shares of Summit Therapeutics during the second quarter worth $26,000. Bank of America Corp DE grew its holdings in shares of Summit Therapeutics by 82.4% during the first quarter. Bank of America Corp DE now owns 16,326 shares of the company’s stock worth $29,000 after purchasing an additional 7,374 shares during the last quarter. Royal Bank of Canada lifted its stake in Summit Therapeutics by 1,846.8% in the second quarter. Royal Bank of Canada now owns 12,148 shares of the company’s stock valued at $30,000 after buying an additional 11,524 shares during the period. Sea Otter Advisors LLC acquired a new position in Summit Therapeutics in the first quarter valued at approximately $30,000. Finally, Snowden Capital Advisors LLC acquired a new position in Summit Therapeutics in the second quarter valued at approximately $31,000. 5.01% of the stock is owned by institutional investors.

About Summit Therapeutics

(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.

Further Reading

Receive News & Ratings for Summit Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Summit Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.