Headlands Technologies LLC Purchases New Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Headlands Technologies LLC bought a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 17,170 shares of the company's stock, valued at approximately $306,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Brooklyn Investment Group purchased a new stake in Summit Therapeutics during the 4th quarter valued at about $29,000. National Bank of Canada FI bought a new position in shares of Summit Therapeutics in the fourth quarter worth approximately $30,000. Steward Partners Investment Advisory LLC increased its stake in shares of Summit Therapeutics by 56.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock worth $45,000 after buying an additional 900 shares during the period. Rakuten Securities Inc. bought a new stake in Summit Therapeutics during the 4th quarter valued at $71,000. Finally, Avanza Fonder AB purchased a new stake in Summit Therapeutics during the 4th quarter valued at $115,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SMMT has been the subject of a number of recent analyst reports. The Goldman Sachs Group started coverage on Summit Therapeutics in a report on Friday, February 28th. They set a "buy" rating and a $42.00 target price for the company. Evercore ISI began coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 target price for the company. Cantor Fitzgerald initiated coverage on shares of Summit Therapeutics in a research report on Friday, March 21st. They set an "overweight" rating on the stock. Summit Redstone set a $35.00 price objective on shares of Summit Therapeutics in a report on Wednesday, March 26th. Finally, HC Wainwright reissued a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a research report on Tuesday, February 25th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $35.40.

Remove Ads

Summit Therapeutics Trading Up 9.0 %

Shares of NASDAQ:SMMT traded up $1.64 on Thursday, reaching $19.87. The company had a trading volume of 4,044,832 shares, compared to its average volume of 3,476,459. The firm has a market capitalization of $14.66 billion, a PE ratio of -70.77 and a beta of -0.46. Summit Therapeutics Inc. has a 52-week low of $2.10 and a 52-week high of $33.89. The firm's 50 day simple moving average is $19.64 and its 200-day simple moving average is $19.68.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its earnings results on Monday, February 24th. The company reported ($0.08) EPS for the quarter, meeting analysts' consensus estimates of ($0.08). The firm had revenue of $0.20 million for the quarter. As a group, equities research analysts predict that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

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.