219,820 Shares in Summit Therapeutics Inc. (NASDAQ:SMMT) Purchased by Polymer Capital Management HK LTD

Polymer Capital Management HK LTD acquired a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) during the 4th quarter, Holdings Channel.com reports. The fund acquired 219,820 shares of the company’s stock, valued at approximately $3,923,000.

A number of other institutional investors have also made changes to their positions in the business. Verition Fund Management LLC bought a new stake in Summit Therapeutics during the 3rd quarter worth about $409,000. Polar Asset Management Partners Inc. bought a new stake in shares of Summit Therapeutics during the third quarter valued at approximately $685,000. XTX Topco Ltd increased its holdings in shares of Summit Therapeutics by 54.3% in the third quarter. XTX Topco Ltd now owns 23,915 shares of the company’s stock valued at $524,000 after purchasing an additional 8,415 shares in the last quarter. Geode Capital Management LLC raised its position in Summit Therapeutics by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company’s stock worth $67,899,000 after purchasing an additional 135,981 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in Summit Therapeutics during the 3rd quarter worth $925,000. 4.61% of the stock is owned by institutional investors.

Summit Therapeutics Price Performance

Shares of SMMT opened at $17.36 on Friday. The company’s 50-day moving average is $20.15 and its 200-day moving average is $19.87. The firm has a market capitalization of $12.81 billion, a PE ratio of -62.00 and a beta of -1.04. Summit Therapeutics Inc. has a fifty-two week low of $2.10 and a fifty-two week high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Monday, February 24th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $0.20 million during the quarter. Analysts predict that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Cantor Fitzgerald assumed coverage on Summit Therapeutics in a research note on Friday, March 21st. They issued an “overweight” rating for the company. Truist Financial began coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective for the company. StockNews.com raised Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. HC Wainwright restated a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a report on Tuesday, February 25th. Finally, Citigroup upgraded shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and increased their target price for the stock from $23.00 to $35.00 in a report on Wednesday, March 26th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $35.44.

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.