Polianta Ltd Invests $1.17 Million in Summit Therapeutics Inc. (NASDAQ:SMMT)

Polianta Ltd acquired a new stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 60,600 shares of the company's stock, valued at approximately $1,168,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Summit Therapeutics by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock valued at $208,261,000 after purchasing an additional 724,040 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Summit Therapeutics by 20.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company's stock valued at $116,995,000 after buying an additional 1,118,270 shares during the last quarter. Geode Capital Management LLC grew its holdings in Summit Therapeutics by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company's stock worth $57,133,000 after acquiring an additional 101,039 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Summit Therapeutics by 3.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,485,072 shares of the company's stock worth $26,501,000 after acquiring an additional 52,359 shares during the last quarter. Finally, Pictet Asset Management Holding SA increased its position in Summit Therapeutics by 100.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock valued at $24,755,000 after acquiring an additional 695,843 shares during the period. Institutional investors own 4.61% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SMMT. The Goldman Sachs Group boosted their price objective on shares of Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Evercore ISI started coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price target for the company. Citigroup raised Summit Therapeutics from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $23.00 to $35.00 in a research note on Wednesday, March 26th. JMP Securities reissued a "market outperform" rating and set a $40.00 target price on shares of Summit Therapeutics in a research report on Monday, June 2nd. Finally, Leerink Partnrs upgraded shares of Summit Therapeutics to a "strong sell" rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Summit Therapeutics has an average rating of "Moderate Buy" and an average target price of $35.09.

Summit Therapeutics Stock Down 1.9%

Shares of Summit Therapeutics stock traded down $0.38 during trading on Friday, reaching $19.78. 2,891,815 shares of the stock were exchanged, compared to its average volume of 3,641,926. The firm has a market cap of $14.69 billion, a price-to-earnings ratio of -70.64 and a beta of -1.06. Summit Therapeutics Inc. has a 1 year low of $6.78 and a 1 year high of $36.91. The stock's fifty day moving average is $23.61 and its 200 day moving average is $20.90.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.01. Equities analysts forecast that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

About Summit Therapeutics

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.