Ankur Dhingra Buys 100,000 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) Stock

Summit Therapeutics Inc. (NASDAQ:SMMT) CFO Ankur Dhingra purchased 100,000 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, for a total transaction of $375,000.00. Following the completion of the acquisition, the chief financial officer now owns 354,958 shares of the company’s stock, valued at $1,331,092.50. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website.

Summit Therapeutics Stock Performance

SMMT opened at $3.75 on Thursday. Summit Therapeutics Inc. has a 52-week low of $1.30 and a 52-week high of $5.22. The firm has a market capitalization of $2.63 billion, a PE ratio of -2.45 and a beta of -1.21. 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 business’s 50-day simple moving average is $4.21 and its 200 day simple moving average is $2.87.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Tuesday, February 20th. The company reported ($0.05) earnings per share (EPS) for the quarter. The company had revenue of $0.20 million during the quarter.

Analysts Set New Price Targets

Separately, Stifel Nicolaus assumed coverage on Summit Therapeutics in a report on Tuesday. They set a “buy” rating and a $8.00 target price on the stock.

Institutional Trading of Summit Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of SMMT. BlackRock Inc. raised its stake in Summit Therapeutics by 374.9% in the second quarter. BlackRock Inc. now owns 8,762,841 shares of the company’s stock valued at $21,995,000 after buying an additional 6,917,788 shares during the period. State Street Corp raised its stake in Summit Therapeutics by 1,743.0% in the second quarter. State Street Corp now owns 2,253,975 shares of the company’s stock valued at $5,657,000 after buying an additional 2,131,675 shares during the period. Geode Capital Management LLC raised its stake in Summit Therapeutics by 146.0% in the second quarter. Geode Capital Management LLC now owns 2,679,309 shares of the company’s stock valued at $6,725,000 after buying an additional 1,590,328 shares during the period. Northern Trust Corp raised its stake in Summit Therapeutics by 1,445.8% in the second quarter. Northern Trust Corp now owns 1,030,042 shares of the company’s stock valued at $2,585,000 after buying an additional 963,409 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Summit Therapeutics by 15.1% in the fourth quarter. Vanguard Group Inc. now owns 7,014,982 shares of the company’s stock valued at $18,309,000 after purchasing an additional 919,307 shares during the last quarter. 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.