EntryPoint Capital LLC Invests $100,000 in Summit Therapeutics Inc. (NASDAQ:SMMT)

EntryPoint Capital LLC purchased a new position in Summit Therapeutics Inc. (NASDAQ:SMMT) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 24,186 shares of the company’s stock, valued at approximately $100,000.

Other hedge funds have also recently modified their holdings of the company. Russell Investments Group Ltd. lifted its position in Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after acquiring an additional 3,579 shares during the last quarter. ProShare Advisors LLC increased its stake in Summit Therapeutics by 9.4% during the 1st quarter. ProShare Advisors LLC now owns 69,995 shares of the company’s stock valued at $290,000 after purchasing an additional 6,035 shares in the last quarter. Sectoral Asset Management Inc. increased its stake in Summit Therapeutics by 50.0% during the 4th quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock valued at $78,000 after purchasing an additional 10,000 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Summit Therapeutics by 55.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,727 shares of the company’s stock valued at $104,000 after purchasing an additional 14,098 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in Summit Therapeutics by 212.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 21,144 shares of the company’s stock valued at $55,000 after purchasing an additional 14,384 shares in the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Price Performance

SMMT traded up $0.96 during midday trading on Friday, hitting $11.45. 1,665,389 shares of the company traded hands, compared to its average volume of 3,068,770. 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 $8.04 billion, a price-to-earnings ratio of -71.63 and a beta of -0.97. Summit Therapeutics Inc. has a 52-week low of $1.52 and a 52-week high of $11.69. The business has a 50 day simple moving average of $7.55 and a two-hundred day simple moving average of $5.28.

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, beating the consensus estimate of ($0.06) by $0.01. On average, equities analysts forecast that Summit Therapeutics Inc. will post -0.26 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

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.