Boxer Capital Management LLC Invests $4.46 Million in Summit Therapeutics Inc. (NASDAQ:SMMT)

Boxer Capital Management LLC bought a new position in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 250,000 shares of the company's stock, valued at approximately $4,461,000.

Several other institutional investors also recently bought and sold shares of SMMT. Griffin Asset Management Inc. boosted its holdings in Summit Therapeutics by 63.3% during the fourth quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company's stock worth $1,975,000 after buying an additional 42,900 shares in the last quarter. SeaCrest Wealth Management LLC acquired a new position in shares of Summit Therapeutics during the 4th quarter worth approximately $444,000. China Universal Asset Management Co. Ltd. grew its position in shares of Summit Therapeutics by 12.2% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 156,366 shares of the company's stock valued at $2,790,000 after purchasing an additional 17,014 shares during the period. Wells Fargo & Company MN raised its position in shares of Summit Therapeutics by 79.2% during the 4th quarter. Wells Fargo & Company MN now owns 95,265 shares of the company's stock worth $1,700,000 after purchasing an additional 42,090 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in Summit Therapeutics by 252.8% in the 4th quarter. Principal Financial Group Inc. now owns 205,150 shares of the company's stock valued at $3,661,000 after buying an additional 147,003 shares in the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on SMMT. Citigroup raised Summit Therapeutics from a "neutral" rating to a "buy" rating and increased their price target for the company from $23.00 to $35.00 in a report on Wednesday, March 26th. The Goldman Sachs Group boosted their price objective on Summit Therapeutics from $37.00 to $41.00 and gave the company a "buy" rating in a report on Friday. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. Truist Financial started coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They issued a "buy" rating and a $35.00 price target for the company. Finally, HC Wainwright reiterated a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Monday, April 28th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $37.40.

Summit Therapeutics Stock Performance

NASDAQ SMMT traded up $3.23 on Friday, reaching $27.90. The stock had a trading volume of 7,351,888 shares, compared to its average volume of 3,857,912. The stock has a market cap of $20.58 billion, a P/E ratio of -99.64 and a beta of -0.46. Summit Therapeutics Inc. has a 12-month low of $2.10 and a 12-month high of $36.91. The business's 50-day moving average price is $21.36 and its 200 day moving average price is $20.27.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.01. On average, sell-side 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.