Summit Therapeutics (NASDAQ:SMMT) Sets New 1-Year High at $5.39

Summit Therapeutics Inc. (NASDAQ:SMMT) shares reached 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 changing hands. The stock had previously closed at $5.31.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SMMT. Citigroup began coverage on Summit Therapeutics in a research note on Tuesday. They set a “buy” rating and a $7.00 price objective on the stock. Stifel Nicolaus began coverage on Summit Therapeutics in a research note on Tuesday, March 26th. They set a “buy” rating and a $8.00 price objective on the stock.

Summit Therapeutics Trading Down 1.9 %

The business has a fifty day moving average price of $4.06 and a 200 day moving average price of $3.31. The company has a market capitalization of $3.66 billion, a PE ratio of -33.19 and a beta of -1.13. The company has a debt-to-equity ratio of 2.26, a quick ratio of 6.97 and a current ratio of 6.97.

Summit Therapeutics (NASDAQ:SMMT) last announced 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. Analysts expect that Summit Therapeutics Inc. will post -0.25 EPS for the current fiscal year.

Insider Activity at Summit Therapeutics

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. boosted its position in Summit Therapeutics by 142.2% during the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after acquiring an additional 3,579 shares during the period. Federated Hermes Inc. acquired a new position in Summit Therapeutics during the 3rd quarter worth $33,000. China Universal Asset Management Co. Ltd. boosted its position 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 worth $33,000 after acquiring an additional 8,758 shares during the period. Wealth Management Partners LLC acquired a new position in Summit Therapeutics during the 4th quarter worth $39,000. Finally, Tower Research Capital LLC TRC boosted its position 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 acquiring an additional 14,384 shares during the period. Institutional investors and hedge funds 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.