Neo Ivy Capital Management Makes New Investment in Summit Therapeutics Inc. (NASDAQ:SMMT)

Neo Ivy Capital Management purchased a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 209,577 shares of the company's stock, valued at approximately $3,739,000. Summit Therapeutics accounts for approximately 0.8% of Neo Ivy Capital Management's holdings, making the stock its 24th biggest position.

Other institutional investors and hedge funds have also modified their holdings of the company. National Bank of Canada FI acquired a new position in Summit Therapeutics in the fourth quarter valued at about $30,000. Steward Partners Investment Advisory LLC grew its position in shares of Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock worth $45,000 after buying an additional 900 shares during the period. Rakuten Securities Inc. bought a new stake in shares of Summit Therapeutics in the 4th quarter valued at about $71,000. Summit Investment Advisors Inc. raised its position in shares of Summit Therapeutics by 12.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 9,621 shares of the company's stock valued at $172,000 after acquiring an additional 1,044 shares during the period. Finally, Verus Capital Partners LLC bought a new position in Summit Therapeutics during the 4th quarter worth approximately $182,000. 4.61% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SMMT has been the subject of several recent analyst reports. Summit Redstone set a $35.00 target price on shares of Summit Therapeutics in a research note on Wednesday, March 26th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. HC Wainwright reiterated a "buy" rating and set a $44.00 target price on shares of Summit Therapeutics in a report on Monday, April 28th. Evercore ISI assumed coverage on Summit Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price target for the company. Finally, Citigroup raised Summit Therapeutics from a "neutral" rating to a "buy" rating and raised their price target for the stock from $23.00 to $35.00 in a research report on Wednesday, March 26th. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $37.40.

Summit Therapeutics Stock Up 0.3%

Shares of NASDAQ:SMMT traded up $0.08 during mid-day trading on Monday, reaching $25.85. 1,756,815 shares of the stock were exchanged, compared to its average volume of 3,882,875. The stock's 50 day simple moving average is $23.00 and its 200-day simple moving average is $20.72. Summit Therapeutics Inc. has a one year low of $2.10 and a one year high of $36.91. The company has a market cap of $19.20 billion, a P/E ratio of -92.32 and a beta of -0.94.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. Analysts anticipate that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal 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.