Summit Therapeutics (NASDAQ:SMMT) Stock Price Up 8.1%

Summit Therapeutics Inc. (NASDAQ:SMMTGet Free Report)’s stock price rose 8.1% on Wednesday . The company traded as high as $7.92 and last traded at $7.90. Approximately 2,589,140 shares changed hands during mid-day trading, a decline of 19% from the average daily volume of 3,208,273 shares. The stock had previously closed at $7.31.

Wall Street Analyst Weigh In

Several research firms recently commented on SMMT. Citigroup boosted their price objective on shares of Summit Therapeutics from $7.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Stifel Nicolaus lifted their price target on shares of Summit Therapeutics from $8.00 to $14.00 and gave the stock a “buy” rating in a report on Monday.

Get Our Latest Research Report on SMMT

Summit Therapeutics Trading Up 10.3 %

The company has a debt-to-equity ratio of 2.26, a current ratio of 6.97 and a quick ratio of 6.97. The firm has a market cap of $5.66 billion, a PE ratio of -48.00 and a beta of -1.02. The stock’s fifty day simple moving average is $4.41 and its 200-day simple moving average is $3.77.

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

Insider Transactions at Summit Therapeutics

In other news, CFO Ankur Dhingra purchased 100,000 shares of the stock in a transaction dated Tuesday, March 26th. The shares were purchased at an average cost of $3.75 per share, with a total value of $375,000.00. Following the completion of the purchase, 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 legal filing with the SEC, which is available at the SEC website. In related news, CEO Mahkam Zanganeh bought 30,000 shares of the firm’s stock in a transaction on Tuesday, March 26th. The shares were bought at an average price of $3.75 per share, with a total value of $112,500.00. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Ankur Dhingra bought 100,000 shares of the stock in a transaction on Tuesday, March 26th. The shares were bought at an average cost 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 disclosure for this purchase can be found here. Corporate insiders own 88.30% of the company’s stock.

Hedge Funds Weigh In On Summit Therapeutics

Large investors have recently made changes to their positions in the stock. Virtu Financial LLC raised its position in Summit Therapeutics by 23.3% in the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after purchasing an additional 3,846 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Summit Therapeutics by 18.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock valued at $138,000 after buying an additional 5,139 shares in the last quarter. Alpine Global Management LLC raised its holdings 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 valued at $145,000 after buying an additional 5,000 shares during the period. EntryPoint Capital LLC acquired a new position in Summit Therapeutics during the 1st quarter worth about $100,000. Finally, Vanguard Group Inc. boosted its holdings in Summit Therapeutics by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after acquiring an additional 254,261 shares during the period. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.

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