Summit Therapeutics (NASDAQ:SMMT) Shares Gap Up to $4.39

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $4.39, but opened at $4.50. Summit Therapeutics shares last traded at $4.39, with a volume of 51,424 shares trading hands.

Analysts Set New Price Targets

Several analysts have issued reports on SMMT shares. Citigroup started coverage on Summit Therapeutics in a research note on Tuesday, May 7th. They issued a "buy" rating and a $7.00 target price on the stock. Stifel Nicolaus started coverage on Summit Therapeutics in a research note on Tuesday, March 26th. They issued a "buy" rating and a $8.00 target price on the stock.

Summit Therapeutics Stock Performance

The company has a debt-to-equity ratio of 2.26, a quick ratio of 6.97 and a current ratio of 6.97. The company has a market capitalization of $3.08 billion, a P/E ratio of -27.44 and a beta of -1.13. The business has a 50 day moving average of $4.06 and a 200-day moving average of $3.51.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data 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 predict that Summit Therapeutics Inc. will post -0.25 EPS for the current fiscal year.

Insider Activity at Summit Therapeutics

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

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SMMT. Barclays PLC grew its position in Summit Therapeutics by 206.6% during the third quarter. Barclays PLC now owns 148,016 shares of the company's stock worth $277,000 after buying an additional 99,744 shares in the last quarter. Rathbones Group PLC purchased a new position in Summit Therapeutics during the third quarter worth about $57,000. Federated Hermes Inc. purchased a new position in shares of Summit Therapeutics in the 3rd quarter worth about $33,000. Exchange Traded Concepts LLC boosted its holdings in shares of Summit Therapeutics by 34.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 74,971 shares of the company's stock worth $196,000 after purchasing an additional 19,011 shares in the last quarter. Finally, Wealth Management Partners LLC purchased a new position in shares of Summit Therapeutics in the 4th quarter worth about $39,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

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.