Summit Therapeutics (NASDAQ:SMMT) Upgraded to Hold at StockNews.com

StockNews.com upgraded shares of Summit Therapeutics (NASDAQ:SMMT – Get Rating) from a sell rating to a hold rating in a report issued on Monday.

Summit Therapeutics Price Performance

Shares of SMMT opened at $1.53 on Monday. The firm has a 50 day simple moving average of $3.05 and a two-hundred day simple moving average of $2.17. The company has a debt-to-equity ratio of 3.90, a quick ratio of 16.93 and a current ratio of 16.93. Summit Therapeutics has a one year low of $0.66 and a one year high of $5.78.

Insider Buying and Selling

In other Summit Therapeutics news, CFO Ankur Dhingra bought 196,362 shares of the firm’s stock in a transaction on Tuesday, March 7th. The shares were purchased at an average price of $1.05 per share, for a total transaction of $206,180.10. Following the completion of the transaction, the chief financial officer now directly owns 234,558 shares in the company, valued at approximately $246,285.90. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Mahkam Zanganeh purchased 15,973,743 shares of the stock in a transaction dated Wednesday, March 8th. The stock was bought at an average cost of $1.05 per share, for a total transaction of $16,772,430.15. Following the completion of the acquisition, the chief executive officer now owns 23,395,269 shares of the company’s stock, valued at $24,565,032.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Ankur Dhingra acquired 196,362 shares of the business’s stock in a transaction that occurred on Tuesday, March 7th. The shares were purchased at an average cost of $1.05 per share, for a total transaction of $206,180.10. Following the acquisition, the chief financial officer now owns 234,558 shares in the company, valued at $246,285.90. The disclosure for this purchase can be found here. Insiders acquired a total of 392,659,985 shares of company stock worth $412,292,984 in the last ninety days. 87.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Summit Therapeutics

Several large investors have recently bought and sold shares of the company. Marshall Wace LLP grew its holdings in shares of Summit Therapeutics by 342.8% during the fourth quarter. Marshall Wace LLP now owns 622,866 shares of the company’s stock worth $2,647,000 after purchasing an additional 482,206 shares during the last quarter. Millennium Management LLC acquired a new position in Summit Therapeutics in the 2nd quarter valued at approximately $457,000. Steward Partners Investment Advisory LLC bought a new position in shares of Summit Therapeutics during the fourth quarter valued at $1,296,000. AWM Investment Company Inc. acquired a new position in shares of Summit Therapeutics during the fourth quarter worth $1,275,000. Finally, Two Sigma Investments LP bought a new stake in shares of Summit Therapeutics in the fourth quarter worth $1,216,000. 1.59% of the stock is currently owned by institutional investors.

About Summit Therapeutics

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Summit Therapeutics Inc, a biopharmaceutical company, discovers, develops, and commercializes medicines to treat infectious diseases in the United States and Latin America. It conducts clinical programs focusing on Clostridioides difficile infection (CDI). The company's lead product candidate is ridinilazole, an orally administered small molecule antibiotic that is in Phase III clinical trials for the treatment of CDI.