Bayesian Capital Management LP Invests $1.20 Million in Summit Therapeutics Inc. (NASDAQ:SMMT)

Bayesian Capital Management LP acquired a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 67,039 shares of the company's stock, valued at approximately $1,196,000.

A number of other hedge funds have also bought and sold shares of the company. Brooklyn Investment Group acquired a new stake in Summit Therapeutics during the 4th quarter worth about $29,000. National Bank of Canada FI acquired a new stake in Summit Therapeutics during the fourth quarter worth approximately $30,000. Steward Partners Investment Advisory LLC increased its holdings in 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 purchasing an additional 900 shares in the last quarter. Rakuten Securities Inc. acquired a new position in Summit Therapeutics in the fourth quarter valued at approximately $71,000. Finally, Avanza Fonder AB bought a new position in shares of Summit Therapeutics during the 4th quarter worth approximately $115,000. Institutional investors own 4.61% of the company's stock.

Summit Therapeutics Trading Up 13.1 %

Shares of Summit Therapeutics stock opened at $27.90 on Monday. The company has a market capitalization of $20.58 billion, a P/E ratio of -99.64 and a beta of -0.46. The stock has a fifty day simple moving average of $21.36 and a 200 day simple moving average of $20.27. Summit Therapeutics Inc. has a 12-month low of $2.10 and a 12-month high of $36.91.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its earnings results 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, analysts predict that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SMMT shares. The Goldman Sachs Group boosted their target price on shares of Summit Therapeutics from $37.00 to $41.00 and gave the company a "buy" rating in a research report on Friday. Summit Redstone set a $35.00 price objective on shares of Summit Therapeutics in a report on Wednesday, March 26th. StockNews.com upgraded Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. JMP Securities reaffirmed a "market outperform" rating and set a $40.00 price target on shares of Summit Therapeutics in a research note on Monday, April 28th. Finally, Evercore ISI assumed coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price objective for the company. 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.com, Summit Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.40.

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.

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