Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up to $3.28

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $3.28, but opened at $3.46. Summit Therapeutics shares last traded at $3.62, with a volume of 473,541 shares traded.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus started coverage on Summit Therapeutics in a research note on Tuesday. They issued a “buy” rating and a $8.00 price target for the company.

Summit Therapeutics Stock Performance

The company has a quick ratio of 9.30, a current ratio of 9.30 and a debt-to-equity ratio of 1.29. The stock has a 50 day simple moving average of $4.21 and a 200 day simple moving average of $2.87. The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of -2.45 and a beta of -1.21.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Tuesday, February 20th. The company reported ($0.05) EPS for the quarter. The business had revenue of $0.20 million during the quarter.

Insider Buying and Selling at Summit Therapeutics

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

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sei Investments Co. bought a new position in shares of Summit Therapeutics in the second quarter valued at $26,000. Bank of America Corp DE increased its holdings in shares of Summit Therapeutics by 82.4% in the first quarter. Bank of America Corp DE now owns 16,326 shares of the company’s stock valued at $29,000 after buying an additional 7,374 shares in the last quarter. Royal Bank of Canada grew its position in Summit Therapeutics by 1,846.8% during the 2nd quarter. Royal Bank of Canada now owns 12,148 shares of the company’s stock worth $30,000 after purchasing an additional 11,524 shares in the last quarter. Sea Otter Advisors LLC purchased a new position in Summit Therapeutics during the 1st quarter worth approximately $30,000. Finally, Snowden Capital Advisors LLC purchased a new position in Summit Therapeutics during the 2nd quarter worth approximately $31,000. Institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

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.