Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 6.7%

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s share price traded down 6.7% on Friday . The stock traded as low as $3.76 and last traded at $3.76. 467,833 shares were traded during mid-day trading, a decline of 79% from the average session volume of 2,277,090 shares. The stock had previously closed at $4.03.

Wall Street Analysts Forecast Growth

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 price objective for the company.

Summit Therapeutics Stock Performance

The firm has a 50-day moving average price of $4.23 and a 200 day moving average price of $3.03. The firm has a market capitalization of $2.57 billion, a PE ratio of -2.39 and a beta of -1.21. 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 released its quarterly 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. Research analysts expect that Summit Therapeutics Inc. will post -0.24 earnings per share for the current year.

Insider Transactions at Summit Therapeutics

In other news, CFO Ankur Dhingra purchased 100,000 shares of the 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 in the company, 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 Summit Therapeutics stock in a transaction dated Tuesday, March 26th. The shares were acquired at an average cost of $3.75 per share, for a total transaction of $375,000.00. Following the completion of the purchase, the chief financial officer now owns 354,958 shares in the company, valued at $1,331,092.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mahkam Zanganeh acquired 30,000 shares of Summit Therapeutics stock in a transaction dated Tuesday, March 26th. The stock was bought at an average price of $3.75 per share, for a total transaction of $112,500.00. Following the completion of the purchase, the chief executive officer now owns 30,000 shares of the company's stock, valued at approximately $112,500. The disclosure for this purchase can be found here. Company insiders own 83.70% of the company's stock.

Institutional Trading of Summit Therapeutics

Several hedge funds have recently modified their holdings of the stock. Federated Hermes Inc. acquired a new stake in Summit Therapeutics in the third quarter valued at $33,000. Exchange Traded Concepts LLC raised its stake in Summit Therapeutics by 34.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 74,971 shares of the company's stock valued at $196,000 after buying an additional 19,011 shares in the last quarter. Barclays PLC raised its stake in Summit Therapeutics by 206.6% in the third quarter. Barclays PLC now owns 148,016 shares of the company's stock valued at $277,000 after buying an additional 99,744 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its stake in Summit Therapeutics by 352.8% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 81,071 shares of the company's stock valued at $212,000 after buying an additional 63,168 shares in the last quarter. Finally, Rathbones Group PLC acquired a new stake in Summit Therapeutics in the third quarter valued at $57,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.