Cinctive Capital Management LP Makes New $487,000 Investment in Summit Therapeutics Inc. (NASDAQ:SMMT)

Cinctive Capital Management LP bought a new position in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 27,270 shares of the company's stock, valued at approximately $487,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Headlands Technologies LLC purchased a new position in shares of Summit Therapeutics during the fourth quarter valued at approximately $306,000. Geode Capital Management LLC grew its position in Summit Therapeutics by 3.3% in the 4th quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company's stock worth $57,133,000 after purchasing an additional 101,039 shares during the period. National Bank of Canada FI purchased a new stake in Summit Therapeutics during the 4th quarter valued at $30,000. Franklin Resources Inc. lifted its holdings in shares of Summit Therapeutics by 56.0% during the 4th quarter. Franklin Resources Inc. now owns 161,079 shares of the company's stock valued at $2,874,000 after buying an additional 57,803 shares during the period. Finally, DnB Asset Management AS boosted its stake in shares of Summit Therapeutics by 21.6% in the 4th quarter. DnB Asset Management AS now owns 34,978 shares of the company's stock worth $624,000 after buying an additional 6,208 shares during the last quarter. Institutional investors own 4.61% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on SMMT shares. Truist Financial assumed coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They set a "buy" rating and a $35.00 target price for the company. Wells Fargo & Company assumed coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They set an "overweight" rating and a $30.00 price objective for the company. The Goldman Sachs Group began coverage on shares of Summit Therapeutics in a research note on Friday, February 28th. They set a "buy" rating and a $42.00 price target on the stock. Cantor Fitzgerald assumed coverage on Summit Therapeutics in a report on Friday, March 21st. They issued an "overweight" rating for the company. Finally, Citigroup upgraded shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and upped their price target for the company from $23.00 to $35.00 in a report on Wednesday, March 26th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Summit Therapeutics currently has a consensus rating of "Moderate Buy" and an average price target of $35.40.

Remove Ads

Summit Therapeutics Price Performance

Shares of SMMT stock traded up $1.59 during mid-day trading on Wednesday, hitting $18.23. The stock had a trading volume of 3,886,582 shares, compared to its average volume of 3,472,530. Summit Therapeutics Inc. has a 12-month low of $2.10 and a 12-month high of $33.89. The firm's 50-day moving average is $19.64 and its two-hundred day moving average is $19.68. The firm has a market capitalization of $13.45 billion, a P/E ratio of -65.10 and a beta of -0.46.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $0.20 million for the quarter. Analysts expect that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

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.