Summit Therapeutics (NASDAQ:SMMT) Coverage Initiated by Analysts at Citigroup

Investment analysts at Citigroup assumed coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a report issued on Tuesday, Briefing.com reports. The firm set a “buy” rating and a $7.00 price target on the stock. Citigroup’s price target would suggest a potential upside of 56.60% from the stock’s previous close.

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

Summit Therapeutics Stock Performance

SMMT opened at $4.47 on Tuesday. 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 stock has a market capitalization of $3.14 billion, a price-to-earnings ratio of -27.94 and a beta of -1.13. The company has a fifty day moving average of $4.04 and a 200 day moving average of $3.29. Summit Therapeutics has a fifty-two week low of $1.50 and a fifty-two week high of $5.22.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Tuesday, February 20th. The company reported ($0.05) earnings per share (EPS) for the quarter. The firm had revenue of $0.20 million during the quarter. As a group, sell-side analysts forecast that Summit Therapeutics will post -0.25 earnings per share for the current fiscal year.

Insider Transactions at Summit Therapeutics

In other news, CFO Ankur Dhingra acquired 100,000 shares of the firm’s stock in a transaction on 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 purchase, the chief financial officer now directly owns 354,958 shares in the company, valued at $1,331,092.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Mahkam Zanganeh purchased 30,000 shares of the business’s 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 $112,500.00. Following the acquisition, the chief executive officer now owns 30,000 shares of the company’s stock, valued at approximately $112,500. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Ankur Dhingra purchased 100,000 shares of the stock in a transaction on 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 acquisition, the chief financial officer now owns 354,958 shares of the company’s stock, valued at approximately $1,331,092.50. The disclosure for this purchase can be found here. Company insiders own 83.70% of the company’s stock.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds have recently bought and sold shares of SMMT. Wealth Management Partners LLC purchased a new stake in Summit Therapeutics during the 4th quarter worth approximately $39,000. Federated Hermes Inc. acquired a new position in Summit Therapeutics in the third quarter valued at about $33,000. China Universal Asset Management Co. Ltd. boosted its holdings in Summit Therapeutics by 95.8% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 17,903 shares of the company’s stock valued at $33,000 after acquiring an additional 8,758 shares during the period. Tower Research Capital LLC TRC grew its stake in Summit Therapeutics by 212.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 21,144 shares of the company’s stock worth $55,000 after purchasing an additional 14,384 shares in the last quarter. Finally, Sectoral Asset Management Inc. increased its holdings in Summit Therapeutics by 50.0% in the fourth quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock valued at $78,000 after buying an additional 10,000 shares during the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

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.