Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 6.6%

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price was down 6.6% on Thursday . The company traded as low as $4.30 and last traded at $4.39. Approximately 1,341,762 shares changed hands during trading, a decline of 39% from the average daily volume of 2,191,711 shares. The stock had previously closed at $4.70.

Analyst Upgrades and Downgrades

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

Summit Therapeutics Price Performance

The company has a current ratio of 9.30, a quick ratio of 9.30 and a debt-to-equity ratio of 1.29. The firm has a market capitalization of $2.85 billion, a price-to-earnings ratio of -2.89 and a beta of -1.13. The business has a 50-day moving average price of $4.05 and a two-hundred day moving average price of $3.23.

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

Insider Transactions at Summit Therapeutics

In related news, CFO Ankur Dhingra acquired 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, with a total value of $375,000.00. Following the purchase, the chief financial officer now directly owns 354,958 shares in the company, valued at approximately $1,331,092.50. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Summit Therapeutics news, CFO Ankur Dhingra bought 100,000 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The stock was acquired at an average price of $3.75 per share, with a total value 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 legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Mahkam Zanganeh bought 30,000 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The stock was acquired at an average cost of $3.75 per share, with a total value of $112,500.00. Following 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. Corporate insiders own 83.70% of the company’s stock.

Institutional Trading of Summit Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Barclays PLC raised its holdings in shares of 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 acquiring an additional 99,744 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in shares of Summit Therapeutics by 66.3% during 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 in the last quarter. Aristides Capital LLC purchased a new stake in shares of Summit Therapeutics during the fourth quarter worth $210,000. Exchange Traded Concepts LLC raised its holdings in Summit Therapeutics by 34.0% during 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. Finally, Wealth Management Partners LLC raised its holdings in Summit Therapeutics by 193.3% during the first quarter. Wealth Management Partners LLC now owns 44,000 shares of the company’s stock valued at $182,000 after buying an additional 29,000 shares in the last quarter. 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.