Squarepoint Ops LLC Buys 56,614 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Squarepoint Ops LLC lifted its stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 192.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 86,064 shares of the company’s stock after purchasing an additional 56,614 shares during the quarter. Squarepoint Ops LLC’s holdings in Summit Therapeutics were worth $671,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Wealth Management Partners LLC grew its stake in shares of Summit Therapeutics by 193.3% during the first quarter. Wealth Management Partners LLC now owns 44,000 shares of the company’s stock worth $182,000 after buying an additional 29,000 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its position in Summit Therapeutics by 66.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company’s stock worth $558,000 after acquiring an additional 53,774 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Summit Therapeutics by 131.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock worth $168,000 after purchasing an additional 22,977 shares in the last quarter. Russell Investments Group Ltd. raised its position in Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after purchasing an additional 3,579 shares during the last quarter. Finally, ProShare Advisors LLC boosted its stake in shares of Summit Therapeutics by 9.4% during the first quarter. ProShare Advisors LLC now owns 69,995 shares of the company’s stock valued at $290,000 after purchasing an additional 6,035 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Price Performance

Summit Therapeutics stock opened at $19.69 on Wednesday. The stock’s 50 day moving average is $16.49 and its 200 day moving average is $9.75. Summit Therapeutics Inc. has a one year low of $1.64 and a one year high of $33.89. The firm has a market cap of $13.82 billion, a P/E ratio of -123.06 and a beta of -0.97.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. Equities analysts anticipate that Summit Therapeutics Inc. will post -0.27 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on SMMT shares. HC Wainwright reiterated a “buy” rating and issued a $45.00 price objective on shares of Summit Therapeutics in a report on Friday, October 4th. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and raised their price target for the company from $19.00 to $23.00 in a research note on Friday, September 27th. Finally, Stifel Nicolaus boosted their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th.

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.