AQR Capital Management LLC Takes $484,000 Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

AQR Capital Management LLC purchased a new stake in Summit Therapeutics Inc. (NASDAQ:SMMT) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 62,114 shares of the company’s stock, valued at approximately $484,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SMMT. Russell Investments Group Ltd. grew its holdings in shares of Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after buying an additional 3,579 shares in the last quarter. Virtu Financial LLC raised its holdings in Summit Therapeutics by 23.3% during the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after purchasing an additional 3,846 shares in the last quarter. Fullcircle Wealth LLC purchased a new position in Summit Therapeutics during the 2nd quarter worth approximately $95,000. EntryPoint Capital LLC acquired a new stake in Summit Therapeutics during the 1st quarter worth approximately $100,000. Finally, XTX Topco Ltd acquired a new position in Summit Therapeutics during the 2nd quarter worth approximately $121,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Trading Up 1.5 %

Shares of SMMT opened at $20.25 on Tuesday. Summit Therapeutics Inc. has a 1-year low of $1.64 and a 1-year high of $33.89. The stock has a market capitalization of $14.67 billion, a P/E ratio of -88.04 and a beta of -0.97. The business’s 50-day moving average price is $17.38 and its 200 day moving average price is $10.31.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. On average, research analysts predict that Summit Therapeutics Inc. will post -0.27 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

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.