Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 6%

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s share price was down 6% on Monday . The company traded as low as $3.89 and last traded at $3.89. Approximately 485,397 shares traded hands during trading, a decline of 79% from the average daily volume of 2,322,451 shares. The stock had previously closed at $4.14.

Analyst Ratings Changes

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

Summit Therapeutics Stock Down 3.9 %

The firm has a market cap of $2.79 billion, a P/E ratio of -2.60 and a beta of -1.21. The business's fifty day moving average price is $4.25 and its two-hundred day moving average price is $2.93. 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 released its quarterly earnings results 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. As a group, equities research analysts anticipate that Summit Therapeutics Inc. will post -0.24 EPS for the current year.

Insider Buying and Selling

In other news, 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 price of $3.75 per share, for a total transaction of $375,000.00. Following the acquisition, the chief financial officer now directly owns 354,958 shares of the company's stock, valued at approximately $1,331,092.50. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Ankur Dhingra acquired 100,000 shares of the company's 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 $375,000.00. Following the acquisition, 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 legal filing with the SEC, which is available through this hyperlink. Also, CEO Mahkam Zanganeh acquired 30,000 shares of the company's 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 acquisition, the chief executive officer now owns 30,000 shares in the company, valued at approximately $112,500. The disclosure for this purchase can be found here. Insiders own 83.70% of the company's stock.

Institutional Trading of Summit Therapeutics

Institutional investors have recently made changes to their positions in the business. Sei Investments Co. acquired a new stake in shares of Summit Therapeutics during the 2nd quarter valued at about $26,000. Bank of America Corp DE boosted its position in 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 boosted its position in Summit Therapeutics by 1,846.8% in the second quarter. Royal Bank of Canada now owns 12,148 shares of the company's stock valued at $30,000 after buying an additional 11,524 shares in the last quarter. Sea Otter Advisors LLC acquired a new position in Summit Therapeutics in the first quarter valued at about $30,000. Finally, Snowden Capital Advisors LLC acquired a new position in Summit Therapeutics in the second quarter valued at about $31,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.