Summit Therapeutics (NASDAQ:SMMT) Reaches New 52-Week High at $5.39

Summit Therapeutics Inc. (NASDAQ:SMMT) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $5.39 and last traded at $5.06, with a volume of 525131 shares trading hands. The stock had previously closed at $5.31.

Wall Street Analyst Weigh In

SMMT has been the subject of several research analyst reports. Stifel Nicolaus assumed coverage on shares of Summit Therapeutics in a report on Tuesday, March 26th. They issued a “buy” rating and a $8.00 price objective for the company. Citigroup began coverage on Summit Therapeutics in a research note on Tuesday. They issued a “buy” rating and a $7.00 price objective on the stock.

Summit Therapeutics Price Performance

The company has a current ratio of 6.97, a quick ratio of 6.97 and a debt-to-equity ratio of 2.26. The company has a market cap of $3.36 billion, a price-to-earnings ratio of -29.88 and a beta of -1.13. The business has a 50-day moving average price of $4.07 and a 200 day moving average price of $3.33.

Summit Therapeutics (NASDAQ:SMMT) last announced its 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. As a group, research analysts expect that Summit Therapeutics Inc. will post -0.25 earnings per share for the current fiscal year.

Insider Buying and Selling at Summit Therapeutics

In other news, CFO Ankur Dhingra purchased 100,000 shares of the business’s stock in a transaction dated Tuesday, March 26th. The shares were acquired at an average price of $3.75 per share, for a total transaction of $375,000.00. Following the completion of the acquisition, the chief financial officer now directly owns 354,958 shares of the company’s stock, valued at $1,331,092.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Summit Therapeutics news, CFO Ankur Dhingra acquired 100,000 shares of Summit Therapeutics stock in a transaction that occurred on Tuesday, March 26th. The stock was purchased 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 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 is available at this hyperlink. Also, CEO Mahkam Zanganeh bought 30,000 shares of the company’s stock in a transaction dated Tuesday, March 26th. The stock was acquired 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 directly owns 30,000 shares in the company, valued at $112,500. The disclosure for this purchase can be found here. Insiders own 83.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SMMT. Federated Hermes Inc. acquired a new stake in shares of Summit Therapeutics during the 3rd quarter valued at about $33,000. Exchange Traded Concepts LLC lifted 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 acquiring an additional 19,011 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Summit Therapeutics by 55.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,727 shares of the company’s stock worth $104,000 after acquiring an additional 14,098 shares in the last quarter. Barclays PLC increased its stake 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 purchasing an additional 99,744 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Summit Therapeutics by 212.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 21,144 shares of the company’s stock valued at $55,000 after purchasing an additional 14,384 shares in 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.