Summit Therapeutics (NASDAQ:SMMT) Trading 3.6% Higher

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s stock price was up 3.6% during mid-day trading on Tuesday . The company traded as high as $4.06 and last traded at $4.02. Approximately 594,075 shares were traded during trading, a decline of 72% from the average daily volume of 2,146,682 shares. The stock had previously closed at $3.88.

Wall Street Analysts Forecast Growth

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

Summit Therapeutics Stock Performance

The stock has a market cap of $2.76 billion, a price-to-earnings ratio of -2.57 and a beta of -1.21. The firm's 50-day moving average is $4.04 and its two-hundred day moving average is $3.21. The company has a current ratio of 9.30, a quick ratio of 9.30 and a debt-to-equity ratio of 1.29.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its quarterly earnings data on Tuesday, February 20th. The company reported ($0.05) EPS for the quarter. The business had revenue of $0.20 million during the quarter. As a group, sell-side analysts expect that Summit Therapeutics Inc. will post -0.24 earnings per share for the current year.

Insider Activity at Summit Therapeutics

In other Summit Therapeutics news, CFO Ankur Dhingra bought 100,000 shares of Summit Therapeutics stock in a transaction dated 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 of the company's stock, valued at $1,331,092.50. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Summit Therapeutics news, CFO Ankur Dhingra bought 100,000 shares of the firm's stock in a transaction on Tuesday, March 26th. The shares were acquired 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 directly owns 354,958 shares of the company's stock, valued at approximately $1,331,092.50. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Mahkam Zanganeh bought 30,000 shares of the stock in a transaction dated Tuesday, March 26th. The shares were bought at an average price 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 disclosure for this purchase can be found here. 83.70% of the stock is owned by corporate insiders.

Institutional Trading of Summit Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Barclays PLC increased its holdings in shares of Summit Therapeutics by 206.6% during the 3rd quarter. Barclays PLC now owns 148,016 shares of the company's stock worth $277,000 after buying an additional 99,744 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its position in Summit Therapeutics by 66.3% in the first quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company's stock worth $558,000 after acquiring an additional 53,774 shares during the period. Aristides Capital LLC acquired a new stake in Summit Therapeutics during the fourth quarter worth $210,000. Exchange Traded Concepts LLC increased its stake in Summit Therapeutics by 34.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 74,971 shares of the company's stock worth $196,000 after acquiring an additional 19,011 shares during the last quarter. Finally, Wealth Management Partners LLC raised its position in Summit Therapeutics by 193.3% in the first quarter. Wealth Management Partners LLC now owns 44,000 shares of the company's stock valued at $182,000 after purchasing an additional 29,000 shares during the period. 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.