Zurcher Kantonalbank Zurich Cantonalbank Acquires 14,098 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 55.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 39,727 shares of the company’s stock after purchasing an additional 14,098 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Summit Therapeutics were worth $104,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Wealth Management Partners LLC acquired a new stake in Summit Therapeutics during the 4th quarter valued at $39,000. Federated Hermes Inc. bought a new stake in shares of Summit Therapeutics during the 3rd quarter worth about $33,000. China Universal Asset Management Co. Ltd. grew its stake in 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 buying an additional 8,758 shares during the last quarter. Rathbones Group PLC bought a new position in Summit Therapeutics in the 3rd quarter valued at about $57,000. Finally, Exchange Traded Concepts LLC lifted its position in Summit Therapeutics by 34.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 74,971 shares of the company’s stock worth $196,000 after acquiring an additional 19,011 shares during the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Analyst Ratings Changes

A number of brokerages have recently weighed in on SMMT. Citigroup started coverage on Summit Therapeutics in a research note on Tuesday. They set a “buy” rating and a $7.00 target price on the stock. Stifel Nicolaus assumed coverage on Summit Therapeutics in a report on Tuesday, March 26th. They set a “buy” rating and a $8.00 target price for the company.

Summit Therapeutics Trading Down 3.6 %

Shares of SMMT stock opened at $4.78 on Friday. The stock has a 50 day simple moving average of $4.07 and a 200 day simple moving average of $3.33. Summit Therapeutics Inc. has a 1 year low of $1.50 and a 1 year high of $5.39. The company has a current ratio of 6.97, a quick ratio of 6.97 and a debt-to-equity ratio of 2.26. The stock has a market cap of $3.36 billion, a P/E ratio of -29.88 and a beta of -1.13.

Summit Therapeutics (NASDAQ:SMMT) last released 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. On average, research analysts predict that Summit Therapeutics Inc. will post -0.25 earnings per share for the current fiscal year.

Summit Therapeutics 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.