Summit Therapeutics (NASDAQ:SMMT) Shares Up 7.6%

Summit Therapeutics Inc. (NASDAQ:SMMT – Get Rating)’s share price shot up 7.6% during mid-day trading on Tuesday . The company traded as high as $1.72 and last traded at $1.71. 202,414 shares were traded during trading, a decline of 92% from the average session volume of 2,426,653 shares. The stock had previously closed at $1.59.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Friday, May 12th.

Summit Therapeutics Trading Up 1.2 %

The business’s fifty day moving average is $1.66 and its 200 day moving average is $2.34. The company has a current ratio of 14.22, a quick ratio of 14.22 and a debt-to-equity ratio of 0.75.

Summit Therapeutics (NASDAQ:SMMT – Get Rating) last released its quarterly earnings data on Thursday, March 9th. The company reported ($0.07) EPS for the quarter. The company had revenue of $1.13 million for the quarter. Summit Therapeutics had a negative return on equity of 70.92% and a negative net margin of 1,012.41%.

Insider Buying and Selling

In related news, CEO Robert W. Duggan acquired 376,489,880 shares of the firm’s stock in a transaction that occurred on Monday, March 6th. The shares were purchased at an average price of $1.05 per share, with a total value of $395,314,374.00. Following the completion of the acquisition, the chief executive officer now owns 552,354,161 shares in the company, valued at $579,971,869.05. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Summit Therapeutics news, CEO Robert W. Duggan purchased 376,489,880 shares of Summit Therapeutics stock in a transaction on Monday, March 6th. The shares were bought at an average price of $1.05 per share, with a total value of $395,314,374.00. Following the completion of the acquisition, the chief executive officer now directly owns 552,354,161 shares of the company’s stock, valued at $579,971,869.05. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Mahkam Zanganeh purchased 15,973,743 shares of Summit Therapeutics stock in a transaction on Wednesday, March 8th. The stock was acquired at an average cost of $1.05 per share, for a total transaction of $16,772,430.15. Following the acquisition, the chief executive officer now directly owns 23,395,269 shares of the company’s stock, valued at $24,565,032.45. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 392,659,985 shares of company stock valued at $412,292,984. Corporate insiders own 83.70% of the company’s stock.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Bender Robert & Associates purchased a new position in shares of Summit Therapeutics during the first quarter valued at approximately $25,000. Q3 Asset Management purchased a new position in shares of Summit Therapeutics during the first quarter valued at approximately $27,000. Bank of America Corp DE lifted its stake in shares of Summit Therapeutics by 82.4% during the first quarter. Bank of America Corp DE now owns 16,326 shares of the company’s stock valued at $29,000 after buying an additional 7,374 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Summit Therapeutics during the first quarter valued at approximately $30,000. Finally, Sea Otter Advisors LLC purchased a new position in shares of Summit Therapeutics during the first quarter valued at approximately $30,000. Hedge funds and other institutional investors own 1.59% of the company’s stock.

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.