Summit Therapeutics (NASDAQ:SMMT) Coverage Initiated at Citigroup

Equities research analysts at Citigroup began coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $7.00 price target on the stock. Citigroup’s price target suggests a potential upside of 41.13% from the company’s previous close.

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

Summit Therapeutics Trading Down 6.6 %

Shares of Summit Therapeutics stock opened at $4.96 on Tuesday. Summit Therapeutics has a 1-year low of $1.50 and a 1-year high of $5.39. The company has a debt-to-equity ratio of 2.26, a current ratio of 6.97 and a quick ratio of 6.97. The stock has a market cap of $3.48 billion, a P/E ratio of -31.00 and a beta of -1.13. The stock’s 50 day simple moving average is $4.07 and its 200-day simple moving average is $3.32.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Tuesday, February 20th. The company reported ($0.05) earnings per share for the quarter. The business had revenue of $0.20 million during the quarter. Analysts predict that Summit Therapeutics will post -0.25 EPS for the current fiscal year.

Insider Activity at Summit Therapeutics

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

Institutional Trading of Summit Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. boosted its position in shares of Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after buying an additional 3,579 shares during the period. Federated Hermes Inc. purchased a new position in Summit Therapeutics during the 3rd quarter valued at about $33,000. China Universal Asset Management Co. Ltd. grew its position 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 acquiring an additional 8,758 shares in the last quarter. Wealth Management Partners LLC purchased a new stake in Summit Therapeutics during the fourth quarter worth about $39,000. Finally, Tower Research Capital LLC TRC lifted 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 purchasing an additional 14,384 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

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.