Insider Buying: Summit Therapeutics Inc. (NASDAQ:SMMT) CEO Acquires 30,000 Shares of Stock

Summit Therapeutics Inc. (NASDAQ:SMMT) CEO Mahkam Zanganeh bought 30,000 shares of the stock in a transaction on Tuesday, March 26th. The stock was acquired at an average cost of $3.75 per share, 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 transaction was disclosed in a filing with the SEC, which is available through this link.

Summit Therapeutics Stock Up 0.3 %

NASDAQ SMMT opened at $3.75 on Thursday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 9.30 and a current ratio of 9.30. Summit Therapeutics Inc. has a 52 week low of $1.30 and a 52 week high of $5.22. The stock has a fifty day moving average of $4.21 and a 200-day moving average of $2.87. The stock has a market capitalization of $2.63 billion, a P/E ratio of -2.45 and a beta of -1.21.

Summit Therapeutics (NASDAQ:SMMT) last issued 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.

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors have recently bought and sold shares of SMMT. BlackRock Inc. grew its position in shares of Summit Therapeutics by 374.9% in the second quarter. BlackRock Inc. now owns 8,762,841 shares of the company’s stock valued at $21,995,000 after purchasing an additional 6,917,788 shares during the last quarter. State Street Corp boosted its holdings in shares of Summit Therapeutics by 1,743.0% in the 2nd quarter. State Street Corp now owns 2,253,975 shares of the company’s stock valued at $5,657,000 after purchasing an additional 2,131,675 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Summit Therapeutics by 146.0% during the 2nd quarter. Geode Capital Management LLC now owns 2,679,309 shares of the company’s stock valued at $6,725,000 after acquiring an additional 1,590,328 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Summit Therapeutics by 1,445.8% during the 2nd quarter. Northern Trust Corp now owns 1,030,042 shares of the company’s stock valued at $2,585,000 after acquiring an additional 963,409 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Summit Therapeutics by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 7,014,982 shares of the company’s stock valued at $18,309,000 after acquiring an additional 919,307 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

Analysts Set New Price Targets

Separately, Stifel Nicolaus began coverage on Summit Therapeutics in a research report on Tuesday. They set a “buy” rating and a $8.00 target price for the company.

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.