New York State Common Retirement Fund Buys New Stake in Summit Therapeutics Inc. (NASDAQ:SMMT)

New York State Common Retirement Fund bought a new stake in Summit Therapeutics Inc. (NASDAQ:SMMT) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 19,200 shares of the company’s stock, valued at approximately $143,000.

A number of other large investors have also bought and sold shares of SMMT. BlackRock Inc. increased its holdings in Summit Therapeutics by 2.3% in the first quarter. BlackRock Inc. now owns 747,102 shares of the company’s stock valued at $4,385,000 after buying an additional 16,492 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in Summit Therapeutics in the first quarter valued at $99,000. Geode Capital Management LLC boosted its stake in Summit Therapeutics by 132.9% in the first quarter. Geode Capital Management LLC now owns 45,215 shares of the company’s stock valued at $265,000 after acquiring an additional 25,804 shares in the last quarter. Citigroup Inc. boosted its stake in Summit Therapeutics by 473.4% in the first quarter. Citigroup Inc. now owns 15,332 shares of the company’s stock valued at $90,000 after acquiring an additional 12,658 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Summit Therapeutics by 148.5% in the first quarter. Goldman Sachs Group Inc. now owns 86,509 shares of the company’s stock valued at $508,000 after acquiring an additional 51,700 shares in the last quarter. 11.39% of the stock is currently owned by hedge funds and other institutional investors.

Separately, Zacks Investment Research downgraded shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Thursday, August 19th.

NASDAQ SMMT opened at $6.48 on Wednesday. Summit Therapeutics Inc. has a 1 year low of $3.15 and a 1 year high of $12.30. The company has a market capitalization of $631.04 million, a PE ratio of -7.04 and a beta of 0.65. The company has a fifty day moving average of $7.41 and a two-hundred day moving average of $6.84.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Wednesday, August 11th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.09). Summit Therapeutics had a negative net margin of 350.72% and a negative return on equity of 96.34%. As a group, sell-side analysts anticipate that Summit Therapeutics Inc. will post -1.06 earnings per share for the current year.

Summit Therapeutics Profile

Summit Therapeutics Inc, a biopharmaceutical company, discovers, develops, and commercializes medicines to treat infectious diseases in the United States, Latin America, and Europe. It conducts clinical programs focusing on the Clostridioides difficile infection (CDI). The company's lead product candidate is ridinilazole, an orally administered small molecule antibiotic that is in Phase III clinical trials for the treatment of CDI.

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Institutional Ownership by Quarter for Summit Therapeutics (NASDAQ:SMMT)

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