Summit Therapeutics (NASDAQ:SMMT) Shares Gap Down to $2.94

Summit Therapeutics Inc. (NASDAQ:SMMTGet Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $2.94, but opened at $2.85. Summit Therapeutics shares last traded at $2.66, with a volume of 311,467 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SMMT. Stifel Nicolaus began coverage on shares of Summit Therapeutics in a research note on Tuesday, March 26th. They set a “buy” rating and a $8.00 price objective for the company. Citigroup started coverage on shares of Summit Therapeutics in a research note on Tuesday, May 7th. They issued a “buy” rating and a $7.00 target price for the company.

Check Out Our Latest Stock Analysis on SMMT

Summit Therapeutics Stock Performance

The company has a market cap of $2.05 billion, a price-to-earnings ratio of -16.63 and a beta of -1.13. The stock’s fifty day simple moving average is $3.97 and its two-hundred day simple moving average is $3.56. The company has a debt-to-equity ratio of 2.26, a quick ratio of 6.97 and a current ratio of 6.97.

Summit Therapeutics (NASDAQ:SMMTGet Free Report) last announced its quarterly earnings results on Wednesday, May 1st. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. Equities research analysts anticipate that Summit Therapeutics Inc. will post -0.25 EPS for the current year.

Insider Buying and Selling at Summit Therapeutics

In other Summit Therapeutics news, 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 acquisition, the chief financial officer now owns 354,958 shares of the company’s stock, valued at approximately $1,331,092.50. The acquisition was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Mahkam Zanganeh acquired 30,000 shares of the business’s stock in a transaction on Tuesday, March 26th. The shares were purchased at an average price of $3.75 per share, for a total transaction of $112,500.00. Following the acquisition, the chief executive officer now directly owns 30,000 shares of the company’s stock, valued at approximately $112,500. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Ankur Dhingra acquired 100,000 shares of the business’s stock in a transaction on Tuesday, March 26th. The stock was purchased at an average price of $3.75 per share, for a total transaction of $375,000.00. Following the acquisition, the chief financial officer now directly owns 354,958 shares in the company, valued at $1,331,092.50. The disclosure for this purchase can be found here. 88.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Virtu Financial LLC increased its position in shares of Summit Therapeutics by 23.3% in the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after purchasing an additional 3,846 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Summit Therapeutics by 18.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock worth $138,000 after purchasing an additional 5,139 shares during the last quarter. Alpine Global Management LLC increased its position in shares of Summit Therapeutics by 16.7% in the 1st quarter. Alpine Global Management LLC now owns 35,000 shares of the company’s stock worth $145,000 after purchasing an additional 5,000 shares during the last quarter. EntryPoint Capital LLC bought a new stake in shares of Summit Therapeutics in the 1st quarter worth about $100,000. Finally, Vanguard Group Inc. increased its position in shares of Summit Therapeutics by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock worth $30,095,000 after purchasing an additional 254,261 shares during the last quarter. Institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

(Get Free Report)

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.

Further Reading

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