Polymer Capital Management HK LTD Invests $3.92 Million in Summit Therapeutics Inc. (NASDAQ:SMMT)

Polymer Capital Management HK LTD acquired a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 219,820 shares of the company’s stock, valued at approximately $3,923,000.

Other hedge funds have also recently modified their holdings of the company. Brooklyn Investment Group purchased a new position in Summit Therapeutics in the fourth quarter valued at $29,000. National Bank of Canada FI purchased a new position in Summit Therapeutics during the fourth quarter worth about $30,000. Steward Partners Investment Advisory LLC raised its position in Summit Therapeutics by 56.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock worth $45,000 after acquiring an additional 900 shares in the last quarter. Rakuten Securities Inc. acquired a new position in Summit Therapeutics during the fourth quarter worth about $71,000. Finally, Avanza Fonder AB purchased a new position in Summit Therapeutics in the fourth quarter valued at about $115,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on SMMT shares. The Goldman Sachs Group began coverage on Summit Therapeutics in a research report on Friday, February 28th. They issued a “buy” rating and a $42.00 price target for the company. StockNews.com raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Cantor Fitzgerald assumed coverage on Summit Therapeutics in a report on Friday, March 21st. They issued an “overweight” rating for the company. Truist Financial initiated coverage on Summit Therapeutics in a report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective on the stock. Finally, Citigroup upgraded Summit Therapeutics from a “neutral” rating to a “buy” rating and lifted their price target for the company from $23.00 to $35.00 in a report on Wednesday, March 26th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $35.44.

Summit Therapeutics Stock Down 8.2 %

Shares of NASDAQ SMMT opened at $17.36 on Friday. Summit Therapeutics Inc. has a 12 month low of $2.10 and a 12 month high of $33.89. The business has a fifty day simple moving average of $20.15 and a 200-day simple moving average of $19.87. The company has a market cap of $12.81 billion, a price-to-earnings ratio of -62.00 and a beta of -1.04.

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