Alpine Global Management LLC Raises Stock Holdings in Summit Therapeutics Inc. (NASDAQ:SMMT)

Alpine Global Management LLC lifted its holdings in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 16.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,000 shares of the company’s stock after purchasing an additional 5,000 shares during the quarter. Alpine Global Management LLC’s holdings in Summit Therapeutics were worth $145,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. EntryPoint Capital LLC purchased a new position in shares of Summit Therapeutics during the first quarter worth about $100,000. Vanguard Group Inc. grew its holdings in shares of Summit Therapeutics by 3.6% during the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock worth $30,095,000 after purchasing an additional 254,261 shares in the last quarter. ProShare Advisors LLC boosted its stake in Summit Therapeutics by 9.4% in the first quarter. ProShare Advisors LLC now owns 69,995 shares of the company’s stock worth $290,000 after buying an additional 6,035 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Summit Therapeutics by 142.2% in 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. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Summit Therapeutics by 131.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock worth $168,000 after buying an additional 22,977 shares in the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Stock Up 10.1 %

SMMT traded up $1.06 during trading on Friday, reaching $11.55. The stock had a trading volume of 3,202,033 shares, compared to its average volume of 2,099,615. The stock’s 50 day moving average is $7.69 and its two-hundred day moving average is $5.36. The company has a current ratio of 6.97, a quick ratio of 6.97 and a debt-to-equity ratio of 2.26. The company has a market capitalization of $8.11 billion, a price-to-earnings ratio of -72.19 and a beta of -0.97. Summit Therapeutics Inc. has a one year low of $1.52 and a one year high of $11.69.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. As a group, analysts expect that Summit Therapeutics Inc. will post -0.26 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Citigroup upped their target price on Summit Therapeutics from $7.00 to $13.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Stifel Nicolaus increased their price objective on Summit Therapeutics from $8.00 to $14.00 and gave the company a “buy” rating in a research note on Monday, June 3rd.

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.