Summit Therapeutics (NASDAQ:SMMT) Shares Gap Down to $3.95

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s share price gapped down prior to trading on Thursday . The stock had previously closed at $3.95, but opened at $3.82. Summit Therapeutics shares last traded at $3.90, with a volume of 208,710 shares traded.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus assumed coverage on Summit Therapeutics in a research report on Tuesday, March 26th. They issued a "buy" rating and a $8.00 target price for the company.

Summit Therapeutics Trading Down 10.4 %

The firm has a market cap of $2.48 billion, a price-to-earnings ratio of -2.31 and a beta of -1.21. The company has a 50-day moving average price of $4.23 and a 200 day moving average price of $2.95. The company has a quick ratio of 9.30, a current ratio of 9.30 and a debt-to-equity ratio of 1.29.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its earnings results on Tuesday, February 20th. The company reported ($0.05) EPS for the quarter. The firm had revenue of $0.20 million during the quarter. As a group, research analysts anticipate that Summit Therapeutics Inc. will post -0.24 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Summit Therapeutics

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Summit Therapeutics by 15.1% during the fourth quarter. Vanguard Group Inc. now owns 7,014,982 shares of the company's stock valued at $18,309,000 after buying an additional 919,307 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Summit Therapeutics by 1.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 194,408 shares of the company's stock valued at $507,000 after buying an additional 2,210 shares in the last quarter. Virtu Financial LLC bought a new position in Summit Therapeutics during the fourth quarter valued at about $43,000. Barclays PLC raised its holdings in Summit Therapeutics by 115.2% during the fourth quarter. Barclays PLC now owns 318,565 shares of the company's stock valued at $831,000 after buying an additional 170,549 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its stake in shares of Summit Therapeutics by 45.1% in the fourth quarter. Nuveen Asset Management LLC now owns 565,624 shares of the company's stock worth $1,476,000 after purchasing an additional 175,877 shares during the period. 4.61% of the stock is currently owned by institutional investors.

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.