Summit Therapeutics (NASDAQ:SMMT) Receives New Coverage from Analysts at Citigroup

Citigroup started coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research report released on Tuesday, MarketBeat reports. The firm issued a buy rating and a $7.00 price target on the stock.

Separately, Stifel Nicolaus initiated coverage on Summit Therapeutics in a research report on Tuesday, March 26th. They set a buy rating and a $8.00 price objective for the company.

Summit Therapeutics Price Performance

NASDAQ SMMT opened at $5.31 on Tuesday. The stock has a 50-day moving average of $4.06 and a 200 day moving average of $3.31. The company has a debt-to-equity ratio of 2.26, a quick ratio of 6.97 and a current ratio of 6.97. The company has a market capitalization of $3.73 billion, a price-to-earnings ratio of -33.19 and a beta of -1.13. Summit Therapeutics has a one year low of $1.50 and a one year high of $5.35.

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 for the quarter. On average, sell-side analysts forecast that Summit Therapeutics will post -0.25 EPS for the current year.

Insider Buying and Selling at Summit Therapeutics

In other Summit Therapeutics news, CEO Mahkam Zanganeh acquired 30,000 shares of the business’s stock in a transaction dated Tuesday, March 26th. The stock was purchased at an average price of $3.75 per share, with a total value of $112,500.00. Following the transaction, the chief executive officer now directly owns 30,000 shares in the company, valued at approximately $112,500. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CFO Ankur Dhingra purchased 100,000 shares of the 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 acquisition, 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 SEC, which is available at this hyperlink. Also, CEO Mahkam Zanganeh acquired 30,000 shares of Summit Therapeutics stock in a transaction dated Tuesday, March 26th. The stock was purchased 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 owns 30,000 shares of the company’s stock, valued at $112,500. The disclosure for this purchase can be found here. 83.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Federated Hermes Inc. bought a new stake in Summit Therapeutics during the 3rd quarter valued at approximately $33,000. China Universal Asset Management Co. Ltd. raised its position in shares of Summit Therapeutics by 95.8% during the third 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. Wealth Management Partners LLC purchased a new position in shares of Summit Therapeutics in the fourth quarter worth $39,000. Tower Research Capital LLC TRC boosted its position in shares of Summit Therapeutics by 212.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 21,144 shares of the company’s stock worth $55,000 after acquiring an additional 14,384 shares during the last quarter. Finally, Rathbones Group PLC purchased a new position in Summit Therapeutics during the third quarter valued at $57,000. 4.61% of the stock is 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.