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

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price traded up 18.9% during trading on Thursday after an insider bought additional shares in the company. 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 bought 100,000 shares of the stock in a transaction that occurred on Tuesday, March 26th. The stock was acquired at an average cost of $3.75 per share, with a total value of $375,000.00. Following the purchase, the chief financial officer now owns 354,958 shares in the company, valued at $1,331,092.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Summit Therapeutics news, CFO Ankur Dhingra purchased 100,000 shares of the firm’s 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 purchase, 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 filing with the SEC, which is accessible through this link. Also, CEO Mahkam Zanganeh purchased 30,000 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The shares were acquired at an average cost of $3.75 per share, with a total value of $112,500.00. Following the completion of the purchase, the chief executive officer now directly 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 owned by company insiders.

Analyst Upgrades and Downgrades

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

Summit Therapeutics Price Performance

The firm has a market cap of $3.09 billion, a P/E ratio of -2.82 and a beta of -1.21. The company has a current ratio of 9.30, a quick ratio of 9.30 and a debt-to-equity ratio of 1.29. The business has a 50-day moving average of $4.21 and a two-hundred day moving average of $2.87.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data 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.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors have recently made changes to their positions in SMMT. Sei Investments Co. bought a new stake in shares of Summit Therapeutics in the 2nd quarter valued at about $26,000. Bank of America Corp DE boosted its position in shares of Summit Therapeutics by 82.4% during the 1st quarter. Bank of America Corp DE now owns 16,326 shares of the company’s stock valued at $29,000 after purchasing an additional 7,374 shares in the last quarter. Royal Bank of Canada boosted its position in shares of Summit Therapeutics by 1,846.8% during the 2nd quarter. Royal Bank of Canada now owns 12,148 shares of the company’s stock valued at $30,000 after purchasing an additional 11,524 shares in the last quarter. Sea Otter Advisors LLC bought a new stake in shares of Summit Therapeutics during the 1st quarter valued at about $30,000. Finally, Snowden Capital Advisors LLC bought a new stake in shares of Summit Therapeutics during the 2nd quarter valued at about $31,000. Institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

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.