Summit Therapeutics (NASDAQ:SMMT) Sets New 1-Year High at $5.39

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $5.39 and last traded at $5.06, with a volume of 525131 shares changing hands. The stock had previously closed at $5.31.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Citigroup assumed coverage on shares of Summit Therapeutics in a report on Tuesday. They issued a "buy" rating and a $7.00 price objective for the company. Stifel Nicolaus assumed coverage on shares of Summit Therapeutics in a report on Tuesday, March 26th. They issued a "buy" rating and a $8.00 price objective for the company.

Summit Therapeutics Stock Down 6.6 %

The company's 50 day simple moving average is $4.06 and its 200-day simple moving average is $3.31. The company has a current ratio of 6.97, a quick ratio of 6.97 and a debt-to-equity ratio of 2.26. The firm has a market cap of $3.48 billion, a P/E ratio of -33.19 and a beta of -1.13.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings data on Tuesday, February 20th. The company reported ($0.05) earnings per share for the quarter. The firm had revenue of $0.20 million for the quarter. Research analysts forecast that Summit Therapeutics Inc. will post -0.25 earnings per share for the current fiscal year.

Insider Transactions at Summit Therapeutics

In other Summit Therapeutics news, CEO Mahkam Zanganeh acquired 30,000 shares of the stock in a transaction dated 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 purchase, the chief executive officer now directly owns 30,000 shares of the company's stock, valued at $112,500. The acquisition was disclosed in a filing with the SEC, which is available at this link. In other Summit Therapeutics news, CEO Mahkam Zanganeh acquired 30,000 shares of the stock in a transaction dated 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 purchase, the chief executive officer now directly owns 30,000 shares of the company's stock, valued at $112,500. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CFO Ankur Dhingra bought 100,000 shares of the firm'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 $375,000.00. Following the purchase, the chief financial officer now owns 354,958 shares in the company, valued at approximately $1,331,092.50. The disclosure for this purchase can be found here. Company insiders own 83.70% of the company's stock.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its stake in Summit Therapeutics by 142.2% during the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company's stock worth $25,000 after acquiring an additional 3,579 shares during the period. Wealth Management Partners LLC purchased a new stake in Summit Therapeutics during the 4th quarter valued at approximately $39,000. Federated Hermes Inc. purchased a new stake in Summit Therapeutics during the 3rd quarter valued at approximately $33,000. China Universal Asset Management Co. Ltd. grew its holdings in Summit Therapeutics by 95.8% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 17,903 shares of the company's stock valued at $33,000 after buying an additional 8,758 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in Summit Therapeutics by 212.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 21,144 shares of the company's stock valued at $55,000 after buying an additional 14,384 shares in the last quarter. Institutional investors own 4.61% of the company's stock.

Summit Therapeutics Company Profile

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.