Summit Therapeutics (NASDAQ:SMMT) Trading 18.9% Higher After Insider Buying Activity

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) shot up 18.9% during 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 purchased 100,000 shares of the business’s stock in a transaction on Tuesday, March 26th. The shares were purchased at an average cost of $3.75 per share, with a total value of $375,000.00. Following the transaction, the chief financial officer now directly owns 354,958 shares of the company’s stock, valued at approximately $1,331,092.50. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Mahkam Zanganeh purchased 30,000 shares of Summit Therapeutics 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 purchase, the chief executive officer now directly owns 30,000 shares of the company’s stock, valued at approximately $112,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Ankur Dhingra bought 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, for a total transaction of $375,000.00. Following the transaction, the chief financial officer now owns 354,958 shares in the company, valued at $1,331,092.50. The disclosure for this purchase can be found here. Company insiders own 83.70% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus initiated coverage on Summit Therapeutics in a research note on Tuesday. They issued a “buy” rating and a $8.00 price target on the stock.

Summit Therapeutics Stock Performance

The company has a debt-to-equity ratio of 1.29, a quick ratio of 9.30 and a current ratio of 9.30. The stock has a fifty day simple moving average of $4.21 and a two-hundred day simple moving average of $2.87. The stock has a market capitalization of $3.09 billion, a price-to-earnings ratio of -2.82 and a beta of -1.21.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Tuesday, February 20th. The company reported ($0.05) EPS 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 modified their holdings of the company. Sei Investments Co. acquired a new position in Summit Therapeutics during the second quarter worth $26,000. Bank of America Corp DE increased its position 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 worth $29,000 after acquiring an additional 7,374 shares in the last quarter. Royal Bank of Canada raised its holdings in shares of Summit Therapeutics by 1,846.8% in the 2nd quarter. Royal Bank of Canada now owns 12,148 shares of the company’s stock worth $30,000 after acquiring an additional 11,524 shares during the last quarter. Sea Otter Advisors LLC acquired a new stake in shares of Summit Therapeutics in the 1st quarter worth about $30,000. Finally, Snowden Capital Advisors LLC bought a new position in Summit Therapeutics in the 2nd quarter valued at about $31,000. 4.61% of the stock is currently owned by 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.