Summit Therapeutics (NASDAQ:SMMT) Stock Crosses Below Fifty Day Moving Average of $4.14

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) crossed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $4.14 and traded as low as $3.40. Summit Therapeutics shares last traded at $3.49, with a volume of 1,238,030 shares trading hands.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus started coverage on Summit Therapeutics in a research report on Tuesday, March 26th. They issued a “buy” rating and a $8.00 price target for the company.

Summit Therapeutics Price Performance

The company has a debt-to-equity ratio of 1.29, a current ratio of 9.30 and a quick ratio of 9.30. The stock has a 50-day moving average of $4.14 and a two-hundred day moving average of $3.13.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Tuesday, February 20th. The company reported ($0.05) earnings per share for the quarter. The company had revenue of $0.20 million during the quarter. Research analysts expect that Summit Therapeutics Inc. will post -0.24 EPS for the current fiscal year.

Insider Activity at Summit Therapeutics

In other Summit Therapeutics news, CFO Ankur Dhingra acquired 100,000 shares of the firm’s stock in a transaction on Tuesday, March 26th. The stock was purchased at an average cost of $3.75 per share, for a total transaction of $375,000.00. Following 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. In other Summit Therapeutics news, CEO Mahkam Zanganeh acquired 30,000 shares of the firm’s stock in a transaction on Tuesday, March 26th. The stock was purchased at an average cost 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 of the company’s stock, valued at approximately $112,500. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Ankur Dhingra acquired 100,000 shares of the firm’s stock in a transaction on Tuesday, March 26th. The shares were acquired at an average price 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 in the company, valued at approximately $1,331,092.50. The disclosure for this purchase can be found here. 83.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Summit Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in SMMT. China Universal Asset Management Co. Ltd. raised its stake in shares of Summit Therapeutics by 95.8% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 17,903 shares of the company’s stock valued at $33,000 after acquiring an additional 8,758 shares in the last quarter. Barclays PLC increased its position in Summit Therapeutics by 206.6% in the 3rd quarter. Barclays PLC now owns 148,016 shares of the company’s stock worth $277,000 after buying an additional 99,744 shares during the period. Rathbones Group PLC acquired a new stake in shares of Summit Therapeutics during the 3rd quarter worth approximately $57,000. Federated Hermes Inc. acquired a new stake in shares of Summit Therapeutics during the 3rd quarter worth approximately $33,000. Finally, Exchange Traded Concepts LLC grew its holdings in shares of Summit Therapeutics by 34.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 74,971 shares of the company’s stock worth $196,000 after purchasing an additional 19,011 shares in the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Company Profile

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.