Summit Therapeutics (NASDAQ:SMMT) Trading Up 18.9% on Insider Buying Activity

Summit Therapeutics Inc. (NASDAQ:SMMTGet Free Report) shares traded up 18.9% during mid-day trading on Thursday following insider buying activity. The company traded as high as $4.56 and last traded at $4.46. 731,950 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 2,284,142 shares. The stock had previously closed at $3.75.

Specifically, CFO Ankur Dhingra acquired 100,000 shares of Summit Therapeutics stock in a transaction dated Tuesday, March 26th. The stock was bought at an average cost of $3.75 per share, with a total value of $375,000.00. Following the completion of the transaction, the chief financial officer now directly owns 354,958 shares of the company’s stock, valued at $1,331,092.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Ankur Dhingra purchased 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 completion of the transaction, the chief financial officer now owns 354,958 shares of the company’s stock, valued at approximately $1,331,092.50. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mahkam Zanganeh purchased 30,000 shares of Summit Therapeutics stock in a transaction that occurred on Tuesday, March 26th. The shares were bought at an average cost of $3.75 per share, with a total value of $112,500.00. Following the completion of the transaction, the chief executive officer now directly owns 30,000 shares of the company’s stock, valued at approximately $112,500. The disclosure for this purchase can be found here. 83.70% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

Read Our Latest Stock Analysis on SMMT

Summit Therapeutics Stock Performance

The company has a market capitalization of $2.91 billion, a price-to-earnings ratio of -2.71 and a beta of -1.21. The stock has a 50-day moving average price of $4.22 and a 200-day moving average price of $2.87. The company has a debt-to-equity ratio of 1.29, a current ratio of 9.30 and a quick ratio of 9.30.

Summit Therapeutics (NASDAQ:SMMTGet Free Report) last announced its earnings results on Tuesday, February 20th. The company reported ($0.05) earnings per share for the quarter. The firm had revenue of $0.20 million during the quarter.

Hedge Funds Weigh In On Summit Therapeutics

A number of large investors have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Summit Therapeutics by 374.9% during the second quarter. BlackRock Inc. now owns 8,762,841 shares of the company’s stock worth $21,995,000 after purchasing an additional 6,917,788 shares during the period. Vanguard Group Inc. increased its stake in Summit Therapeutics by 15.1% during the 4th quarter. Vanguard Group Inc. now owns 7,014,982 shares of the company’s stock worth $18,309,000 after acquiring an additional 919,307 shares during the period. Polar Capital Holdings Plc increased its stake in Summit Therapeutics by 2.5% during the 1st quarter. Polar Capital Holdings Plc now owns 6,272,509 shares of the company’s stock worth $15,368,000 after acquiring an additional 154,598 shares during the period. Geode Capital Management LLC increased its stake in Summit Therapeutics by 146.0% during the 2nd quarter. Geode Capital Management LLC now owns 2,679,309 shares of the company’s stock worth $6,725,000 after acquiring an additional 1,590,328 shares during the period. Finally, State Street Corp increased its stake in Summit Therapeutics by 1,743.0% during the 2nd quarter. State Street Corp now owns 2,253,975 shares of the company’s stock worth $5,657,000 after acquiring an additional 2,131,675 shares during the period. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

(Get Free Report)

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.

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