Verus Capital Partners LLC Makes New $182,000 Investment in Summit Therapeutics Inc. (NASDAQ:SMMT)

Verus Capital Partners LLC bought a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 10,210 shares of the company’s stock, valued at approximately $182,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SMMT. Darwin Wealth Management LLC bought a new position in Summit Therapeutics during the third quarter worth about $25,000. Covestor Ltd lifted its holdings in Summit Therapeutics by 2,767.4% during the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after acquiring an additional 1,190 shares in the last quarter. Brooklyn Investment Group bought a new position in Summit Therapeutics during the fourth quarter worth about $29,000. Fred Alger Management LLC bought a new position in Summit Therapeutics during the third quarter worth about $105,000. Finally, Avanza Fonder AB bought a new position in Summit Therapeutics during the fourth quarter worth about $115,000. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Stock Performance

NASDAQ:SMMT opened at $20.69 on Friday. The stock’s 50-day simple moving average is $19.99 and its 200 day simple moving average is $19.31. The company has a market cap of $15.26 billion, a P/E ratio of -73.89 and a beta of -0.88. Summit Therapeutics Inc. has a 52-week low of $2.10 and a 52-week high of $33.89.

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

Analysts Set New Price Targets

SMMT has been the topic of several recent analyst reports. HC Wainwright reiterated a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, February 25th. JMP Securities started coverage on Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price target on the stock. Truist Financial started coverage on Summit Therapeutics in a report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price target on the stock. The Goldman Sachs Group started coverage on Summit Therapeutics in a report on Friday. They issued a “buy” rating and a $42.00 price target on the stock. Finally, StockNews.com lowered Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.63.

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.