Polar Asset Management Partners Inc. Purchases New Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Polar Asset Management Partners Inc. acquired a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) in the 3rd quarter, HoldingsChannel reports. The firm acquired 31,300 shares of the company’s stock, valued at approximately $685,000.

Several other large investors also recently bought and sold shares of SMMT. Baker BROS. Advisors LP grew its position in shares of Summit Therapeutics by 5.2% in the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after purchasing an additional 1,202,643 shares in the last quarter. FMR LLC lifted its holdings in Summit Therapeutics by 9.8% in the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after acquiring an additional 737,692 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Summit Therapeutics by 3.6% in the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after acquiring an additional 254,261 shares during the last quarter. Millennium Management LLC acquired a new position in Summit Therapeutics in the second quarter valued at approximately $15,154,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Summit Therapeutics by 53.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock valued at $31,376,000 after acquiring an additional 497,984 shares during the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SMMT shares. HC Wainwright reiterated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a report on Monday, November 18th. Stifel Nicolaus upped their price target on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Citigroup cut Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their price objective for the company from $19.00 to $23.00 in a research note on Friday, September 27th. JMP Securities initiated coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective on the stock. Finally, Jefferies Financial Group assumed coverage on Summit Therapeutics in a research note on Friday. They issued a “buy” rating and a $31.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $34.00.

Summit Therapeutics Stock Performance

Shares of SMMT stock opened at $18.54 on Friday. The stock’s 50-day moving average is $19.78 and its two-hundred day moving average is $14.49. The firm has a market cap of $13.67 billion, a price-to-earnings ratio of -66.21 and a beta of -0.92. Summit Therapeutics Inc. has a 1 year low of $2.05 and a 1 year high of $33.89.

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.