AQR Capital Management LLC Makes New Investment in Summit Therapeutics Inc. (NASDAQ:SMMT)

AQR Capital Management LLC acquired a new stake in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 62,114 shares of the company's stock, valued at approximately $484,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Management Partners LLC grew its position in shares of Summit Therapeutics by 193.3% in the 1st quarter. Wealth Management Partners LLC now owns 44,000 shares of the company's stock valued at $182,000 after buying an additional 29,000 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Summit Therapeutics by 131.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company's stock valued at $168,000 after acquiring an additional 22,977 shares during the period. Russell Investments Group Ltd. grew its position in shares of Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company's stock worth $25,000 after acquiring an additional 3,579 shares during the last quarter. ProShare Advisors LLC grew its position in Summit Therapeutics by 9.4% during the 1st quarter. ProShare Advisors LLC now owns 69,995 shares of the company's stock worth $290,000 after purchasing an additional 6,035 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in 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 purchasing an additional 254,261 shares during the period. Institutional investors and hedge funds own 4.61% of the company's stock.

Summit Therapeutics Stock Performance

Summit Therapeutics stock traded up $1.59 during midday trading on Tuesday, reaching $21.84. The company's stock had a trading volume of 3,093,129 shares, compared to its average volume of 3,738,406. Summit Therapeutics Inc. has a fifty-two week low of $1.64 and a fifty-two week high of $33.89. The firm has a market capitalization of $15.82 billion, a PE ratio of -94.95 and a beta of -0.97. The stock's 50 day simple moving average is $17.63 and its 200 day simple moving average is $10.44.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. Equities analysts predict that Summit Therapeutics Inc. will post -0.27 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on SMMT. Stifel Nicolaus boosted their price target on Summit Therapeutics from $25.00 to $40.00 and gave the company a "buy" rating in a research report on Wednesday, September 25th. Citigroup lowered shares of Summit Therapeutics from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $19.00 to $23.00 in a research report on Friday, September 27th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $45.00 target price on shares of Summit Therapeutics in a report on Friday, October 4th.

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.