Swiss National Bank Sells 28,800 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Swiss National Bank Sells 28,800 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Swiss National Bank recently decreased its position in Summit Therapeutics Inc. (NASDAQ:SMMT) by 9.5% during the 4th quarter. The institutional investor sold 28,800 shares, bringing their total ownership to 275,000 shares valued at $718,000. Other large investors have also made changes to their positions in the company, indicating a shift in the investment landscape.

The stock of Summit Therapeutics has seen a decline of 20.5%, opening at $8.69 on Friday. With a market cap of $6.10 billion, the company has a PE ratio of -54.28 and a beta of -1.13. Analysts predict that Summit Therapeutics Inc. will post -0.25 EPS for the current year.

In terms of insider transactions, CFO Ankur Dhingra and CEO Mahkam Zanganeh have made significant purchases of the company’s stock, indicating confidence in its potential growth. This strategic move by company executives can signal positive prospects for Summit Therapeutics.

Summit Therapeutics Inc. is a biopharmaceutical company focused on developing patient-friendly medicinal therapies, with a promising lead development candidate, Ivonescimab. The company’s anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for treating multidrug-resistant infections.

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