Artisan Partners Limited Partnership purchased a new stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 94,760 shares of the company's stock, valued at approximately $1,691,000.
Other institutional investors have also modified their holdings of the company. Steward Partners Investment Advisory LLC raised its holdings in shares of Summit Therapeutics by 56.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock worth $45,000 after acquiring an additional 900 shares during the last quarter. CIBC Asset Management Inc increased its stake in shares of Summit Therapeutics by 5.5% in the fourth quarter. CIBC Asset Management Inc now owns 21,577 shares of the company's stock valued at $385,000 after purchasing an additional 1,132 shares during the period. Brooklyn Investment Group acquired a new stake in Summit Therapeutics in the 4th quarter valued at approximately $29,000. Rakuten Securities Inc. bought a new stake in Summit Therapeutics during the 4th quarter valued at $71,000. Finally, Janney Montgomery Scott LLC grew its stake in shares of Summit Therapeutics by 39.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 15,716 shares of the company's stock worth $280,000 after purchasing an additional 4,443 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company's stock.
Summit Therapeutics Stock Performance
Shares of Summit Therapeutics stock traded up $1.47 during trading on Wednesday, reaching $20.27. The company's stock had a trading volume of 1,469,722 shares, compared to its average volume of 3,422,962. The business's fifty day moving average price is $20.45 and its 200-day moving average price is $20.00. Summit Therapeutics Inc. has a one year low of $2.10 and a one year high of $33.89. The firm has a market cap of $14.95 billion, a price-to-earnings ratio of -72.39 and a beta of -1.04.
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 business had revenue of $0.20 million for the quarter. Sell-side analysts anticipate that Summit Therapeutics Inc. will post -0.3 EPS for the current year.
Analyst Ratings Changes
SMMT has been the topic of a number of research reports. Citigroup upgraded shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $23.00 to $35.00 in a report on Wednesday, March 26th. Truist Financial initiated coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They set a "buy" rating and a $35.00 price target on the stock. Cantor Fitzgerald assumed coverage on shares of Summit Therapeutics in a research report on Friday, March 21st. They set an "overweight" rating on the stock. The Goldman Sachs Group began coverage on shares of Summit Therapeutics in a research note on Friday, February 28th. They issued a "buy" rating and a $42.00 price target on the stock. Finally, Jefferies Financial Group began coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They issued a "buy" rating and a $31.00 target price for the company. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $35.44.
Check Out Our Latest Stock Report on SMMT
About Summit Therapeutics
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Free Report)
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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