By otakuyassine3@gmail.com 
Fmr LLC trimmed its position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT – Free Report) by 3.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 8,055,370 shares of the company’s stock after selling 247,749 shares during the period. Fmr LLC’s holdings in Summit Therapeutics were worth $143,748,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of the company. Brooklyn Investment Group bought a new position in shares of Summit Therapeutics in the fourth quarter worth approximately $29,000. National Bank of Canada FI purchased a new stake in Summit Therapeutics during the 4th quarter valued at $30,000. Steward Partners Investment Advisory LLC boosted its stake in Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after purchasing an additional 900 shares during the last quarter. Rakuten Securities Inc. bought a new stake in shares of Summit Therapeutics in the 4th quarter worth $71,000. Finally, Avanza Fonder AB bought a new position in shares of Summit Therapeutics during the fourth quarter valued at $115,000. 4.61% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
SMMT has been the subject of several research analyst reports. Evercore ISI began coverage on Summit Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price objective for the company. StockNews.com upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Citigroup upgraded shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and increased their price objective for the company from $23.00 to $35.00 in a research report on Wednesday, March 26th. Truist Financial initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price for the company. Finally, HC Wainwright reissued a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a report on Tuesday, February 25th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $35.40.
View Our Latest Research Report on SMMT
Summit Therapeutics Price Performance
NASDAQ:SMMT opened at $23.24 on Monday. The firm has a market capitalization of $17.14 billion, a price-to-earnings ratio of -83.00 and a beta of -0.46. The business has a fifty day moving average price of $19.70 and a 200-day moving average price of $19.64. Summit Therapeutics Inc. has a one year low of $2.10 and a one year high of $33.89.
Summit Therapeutics (NASDAQ:SMMT – Get Free Report) last issued its quarterly earnings results on Monday, February 24th. The company reported ($0.08) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08). The company had revenue of $0.20 million during the quarter. On average, equities research analysts expect that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.
Summit Therapeutics Company 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.
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