Polar Asset Management Partners Inc. Decreases Stock Holdings in Summit Therapeutics PLC $SMMT

Key Points

• Polar Asset Management Partners Inc. has reduced its holdings in Summit Therapeutics PLC by 54.1%, now owning 12,444 shares valued at approximately $240,000.
• Several institutional investors have increased their stakes in Summit Therapeutics, with notable increases of over 3,000% from CWM LLC and significant investments from firms like Golden State Wealth Management LLC.
• Analysts have mixed ratings on Summit Therapeutics, with a consensus rating of "Moderate Buy" and a price target averaging around $33.79, despite the company posting an earnings miss for the last quarter.

Polar Asset Management Partners Inc. trimmed its holdings in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 54.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,444 shares of the company's stock after selling 14,656 shares during the quarter. Polar Asset Management Partners Inc.'s holdings in Summit Therapeutics were worth $240,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Summit Therapeutics by 1.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock valued at $1,273,000 after buying an additional 694 shares during the period. Cutter Capital Management LP bought a new stake in Summit Therapeutics during the first quarter valued at approximately $7,716,000. Bosun Asset Management LLC grew its position in Summit Therapeutics by 60.3% during the first quarter. Bosun Asset Management LLC now owns 24,593 shares of the company's stock valued at $474,000 after buying an additional 9,249 shares during the period. AQR Capital Management LLC grew its position in Summit Therapeutics by 5.0% during the first quarter. AQR Capital Management LLC now owns 65,623 shares of the company's stock valued at $1,266,000 after buying an additional 3,134 shares during the period. Finally, Advisors Asset Management Inc. grew its position in Summit Therapeutics by 81.7% during the first quarter. Advisors Asset Management Inc. now owns 11,167 shares of the company's stock valued at $215,000 after buying an additional 5,021 shares during the period. 4.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SMMT has been the subject of several recent research reports. Leerink Partnrs upgraded shares of Summit Therapeutics to a "strong sell" rating in a research report on Wednesday, June 11th. JMP Securities reaffirmed a "market outperform" rating and set a $40.00 price target on shares of Summit Therapeutics in a report on Wednesday, September 3rd. Piper Sandler assumed coverage on shares of Summit Therapeutics in a report on Monday, August 18th. They set a "neutral" rating and a $21.00 price target on the stock. UBS Group assumed coverage on shares of Summit Therapeutics in a report on Tuesday, July 1st. They set a "buy" rating and a $30.00 price target on the stock. Finally, Leerink Partners assumed coverage on shares of Summit Therapeutics in a report on Wednesday, June 11th. They set an "underperform" rating and a $12.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Summit Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus price target of $33.79.

Summit Therapeutics Price Performance

Shares of SMMT stock traded down $1.23 during mid-day trading on Wednesday, hitting $17.60. The company had a trading volume of 12,588,165 shares, compared to its average volume of 3,726,160. Summit Therapeutics PLC has a 52-week low of $15.55 and a 52-week high of $36.91. The stock's 50 day moving average price is $25.67 and its 200-day moving average price is $23.12. The company has a market capitalization of $13.07 billion, a P/E ratio of -17.43 and a beta of -1.02.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its earnings results on Monday, August 11th. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.66). On average, equities research analysts expect that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

Summit Therapeutics 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.