Polar Asset Management Partners Inc. Takes Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Polar Asset Management Partners Inc. purchased a new stake in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 31,300 shares of the company's stock, valued at approximately $685,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SMMT. Vanguard Group Inc. boosted its holdings in shares of Summit Therapeutics by 3.6% in the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company's stock valued at $30,095,000 after acquiring an additional 254,261 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Summit Therapeutics by 18.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company's stock valued at $138,000 after acquiring an additional 5,139 shares during the period. Hoylecohen LLC boosted its holdings in shares of Summit Therapeutics by 2.4% in the second quarter. Hoylecohen LLC now owns 86,408 shares of the company's stock valued at $674,000 after acquiring an additional 2,000 shares during the period. Fullcircle Wealth LLC acquired a new stake in shares of Summit Therapeutics in the second quarter valued at approximately $95,000. Finally, Principal Financial Group Inc. boosted its holdings in shares of Summit Therapeutics by 131.9% in the second quarter. Principal Financial Group Inc. now owns 36,133 shares of the company's stock valued at $282,000 after acquiring an additional 20,553 shares during the period. 4.61% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SMMT shares. JMP Securities started coverage on Summit Therapeutics in a report on Monday, November 4th. They issued a "market outperform" rating and a $32.00 price objective for the company. Citigroup downgraded Summit Therapeutics from a "buy" rating to a "neutral" rating and increased their price target for the stock from $19.00 to $23.00 in a report on Friday, September 27th. Stifel Nicolaus increased their price target on Summit Therapeutics from $25.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. Jefferies Financial Group began coverage on Summit Therapeutics in a report on Friday. They set a "buy" rating and a $31.00 price target for the company. Finally, HC Wainwright reaffirmed a "buy" rating and set a $44.00 price target on shares of Summit Therapeutics in a report on Monday, November 18th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $34.00.

Summit Therapeutics Stock Performance

NASDAQ:SMMT traded up $1.02 during trading hours on Friday, hitting $18.54. The company's stock had a trading volume of 2,196,251 shares, compared to its average volume of 1,813,696. The business's 50-day moving average is $19.78 and its two-hundred day moving average is $14.49. The company has a market capitalization of $13.67 billion, a PE ratio of -66.21 and a beta of -0.92. Summit Therapeutics Inc. has a 52-week low of $2.05 and a 52-week high of $33.89.

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.