Headlands Technologies LLC Invests $306,000 in Summit Therapeutics Inc. (NASDAQ:SMMT)

Headlands Technologies LLC purchased a new stake in Summit Therapeutics Inc. (NASDAQ:SMMT) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 17,170 shares of the company’s stock, valued at approximately $306,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Bank of Montreal Can acquired a new position in shares of Summit Therapeutics in the third quarter valued at approximately $2,038,000. The Manufacturers Life Insurance Company grew its position in Summit Therapeutics by 43.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 295,629 shares of the company’s stock valued at $6,474,000 after buying an additional 89,572 shares during the last quarter. Verition Fund Management LLC acquired a new position in Summit Therapeutics in the 3rd quarter valued at $409,000. Polar Asset Management Partners Inc. purchased a new position in Summit Therapeutics during the 3rd quarter worth $685,000. Finally, XTX Topco Ltd lifted its stake in shares of Summit Therapeutics by 54.3% in the 3rd quarter. XTX Topco Ltd now owns 23,915 shares of the company’s stock worth $524,000 after acquiring an additional 8,415 shares during the period. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Stock Down 8.2 %

NASDAQ:SMMT opened at $17.36 on Friday. The company has a market capitalization of $12.81 billion, a PE ratio of -62.00 and a beta of -1.04. Summit Therapeutics Inc. has a 52-week low of $2.10 and a 52-week high of $33.89. The stock has a fifty day simple moving average of $20.15 and a 200-day simple moving average of $19.91.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). The business had revenue of $0.20 million during the quarter. As a group, equities analysts anticipate that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Analyst Ratings Changes

SMMT has been the topic of a number of recent analyst reports. Evercore ISI assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, March 12th. They set an “outperform” rating and a $30.00 price target on the stock. Truist Financial started coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They set a “buy” rating and a $35.00 target price for the company. Wells Fargo & Company started coverage on Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price target on the stock. Jefferies Financial Group started coverage on Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 price objective on the stock. Finally, The Goldman Sachs Group initiated coverage on Summit Therapeutics in a report on Friday, February 28th. They issued a “buy” rating and a $42.00 target price for the company. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Summit Therapeutics has an average rating of “Moderate Buy” and an average target price of $35.44.

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.