Millennium Management LLC Takes Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Millennium Management LLC acquired a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 1,942,858 shares of the company's stock, valued at approximately $15,154,000. Millennium Management LLC owned 0.28% of Summit Therapeutics as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in SMMT. AQR Capital Management LLC acquired a new stake in Summit Therapeutics during the second quarter valued at approximately $484,000. Squarepoint Ops LLC increased its position in shares of Summit Therapeutics by 192.2% during the 2nd quarter. Squarepoint Ops LLC now owns 86,064 shares of the company's stock worth $671,000 after purchasing an additional 56,614 shares in the last quarter. XTX Topco Ltd bought a new position in Summit Therapeutics during the 2nd quarter valued at about $121,000. Sargent Investment Group LLC lifted its holdings in Summit Therapeutics by 620.0% during the 2nd quarter. Sargent Investment Group LLC now owns 72,000 shares of the company's stock valued at $562,000 after purchasing an additional 62,000 shares during the last quarter. Finally, TD Asset Management Inc acquired a new position in Summit Therapeutics in the second quarter valued at about $2,081,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Citigroup lowered 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 research report on Friday, September 27th. Stifel Nicolaus increased their target price on Summit Therapeutics from $25.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $45.00 price target on shares of Summit Therapeutics in a report on Friday.

Summit Therapeutics Stock Down 0.9 %

NASDAQ:SMMT traded down $0.17 during trading hours on Monday, hitting $18.92. 3,141,092 shares of the stock were exchanged, compared to its average volume of 3,779,257. The company has a market capitalization of $13.71 billion, a P/E ratio of -118.25 and a beta of -0.97. The company's 50 day moving average is $16.32 and its two-hundred day moving average is $9.65. Summit Therapeutics Inc. has a twelve month low of $1.64 and a twelve month high of $33.89.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. On average, equities research analysts expect that Summit Therapeutics Inc. will post -0.27 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.