Summit Therapeutics (NASDAQ:SMMT) Coverage Initiated at Stifel Nicolaus

Equities researchers at Stifel Nicolaus initiated coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a note issued to investors on Tuesday, Marketbeat reports. The brokerage set a “buy” rating and a $8.00 price target on the stock. Stifel Nicolaus’ price objective points to a potential upside of 113.33% from the stock’s previous close.

Summit Therapeutics Stock Up 0.3 %

SMMT opened at $3.75 on Tuesday. The company has a debt-to-equity ratio of 1.29, a current ratio of 9.30 and a quick ratio of 9.30. The business has a 50 day simple moving average of $4.21 and a 200-day simple moving average of $2.87. The stock has a market capitalization of $2.63 billion, a P/E ratio of -2.45 and a beta of -1.21. Summit Therapeutics has a 12 month low of $1.30 and a 12 month high of $5.22.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly 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.

Insider Activity

In other Summit Therapeutics news, CEO Mahkam Zanganeh purchased 30,000 shares of Summit Therapeutics stock in a transaction dated Tuesday, March 26th. The stock was acquired at an average cost of $3.75 per share, with a total value of $112,500.00. Following the acquisition, the chief executive officer now directly owns 30,000 shares of the company’s stock, valued at $112,500. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CFO Ankur Dhingra acquired 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 26th. The stock was purchased 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 approximately $1,331,092.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mahkam Zanganeh acquired 30,000 shares of the company’s stock in a transaction that occurred on 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 directly owns 30,000 shares in the company, valued at $112,500. The disclosure for this purchase can be found here. Insiders own 83.70% of the company’s stock.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds have recently bought and sold shares of the company. Polar Capital Holdings Plc increased its position in Summit Therapeutics by 2.5% during the first quarter. Polar Capital Holdings Plc now owns 6,272,509 shares of the company’s stock worth $15,368,000 after buying an additional 154,598 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Summit Therapeutics during the second quarter worth $49,000. Millennium Management LLC purchased a new position in Summit Therapeutics during the second quarter worth $457,000. BlackRock Inc. increased its position in Summit Therapeutics by 39.3% during the third quarter. BlackRock Inc. now owns 421,086 shares of the company’s stock worth $500,000 after buying an additional 118,878 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in Summit Therapeutics during the third quarter worth $167,000. 4.61% of the stock is owned by hedge funds and other 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.