Sargent Investment Group LLC Buys 62,000 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Sargent Investment Group LLC boosted its holdings in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 620.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 72,000 shares of the company's stock after buying an additional 62,000 shares during the period. Sargent Investment Group LLC's holdings in Summit Therapeutics were worth $562,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of Summit Therapeutics by 3.6% during the 1st 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 in the last quarter. TD Asset Management Inc acquired a new position in Summit Therapeutics in the 2nd quarter worth about $2,081,000. China Universal Asset Management Co. Ltd. raised its stake in shares of Summit Therapeutics by 66.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company's stock worth $558,000 after purchasing an additional 53,774 shares in the last quarter. Hoylecohen LLC raised its stake in shares of Summit Therapeutics by 2.4% during the 2nd quarter. Hoylecohen LLC now owns 86,408 shares of the company's stock worth $674,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Aristides Capital LLC acquired a new stake in shares of Summit Therapeutics during the 4th quarter valued at about $210,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on SMMT. Stifel Nicolaus raised their target price on Summit Therapeutics from $14.00 to $25.00 and gave the company a "buy" rating in a report on Monday, September 9th. HC Wainwright boosted their target price on Summit Therapeutics from $30.00 to $45.00 and gave the stock a "buy" rating in a report on Monday. Finally, Citigroup upped their target price on Summit Therapeutics from $13.00 to $19.00 and gave the stock a "buy" rating in a research report on Monday, September 9th.

Summit Therapeutics Stock Down 11.1 %

Summit Therapeutics stock traded down $3.26 on Tuesday, hitting $26.22. The company's stock had a trading volume of 11,648,560 shares, compared to its average volume of 3,594,479. Summit Therapeutics Inc. has a one year low of $1.64 and a one year high of $33.89. The firm has a market cap of $18.41 billion, a P/E ratio of -169.44 and a beta of -0.99. The company has a fifty day moving average price of $12.76 and a 200-day moving average price of $7.90.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. Analysts anticipate that Summit Therapeutics Inc. will post -0.27 EPS 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.