American Century Companies Inc. Makes New $231,000 Investment in Summit Therapeutics Inc. (NASDAQ:SMMT)

American Century Companies Inc. purchased a new position in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 12,971 shares of the company's stock, valued at approximately $231,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. Brooklyn Investment Group purchased a new stake in shares of Summit Therapeutics during the 4th quarter worth approximately $29,000. Steward Partners Investment Advisory LLC lifted its position in shares of 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 buying an additional 900 shares during the last quarter. Rakuten Securities Inc. bought a new stake in Summit Therapeutics in the 4th quarter valued at about $71,000. Avanza Fonder AB bought a new stake in Summit Therapeutics in the 4th quarter valued at about $115,000. Finally, Verus Capital Partners LLC bought a new position in Summit Therapeutics during the fourth quarter worth about $182,000. Institutional investors own 4.61% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SMMT. The Goldman Sachs Group initiated coverage on shares of Summit Therapeutics in a research report on Friday, February 28th. They issued a "buy" rating and a $42.00 price objective for the company. Summit Redstone set a $35.00 target price on Summit Therapeutics in a research note on Wednesday, March 26th. Evercore ISI initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 price target for the company. HC Wainwright reiterated a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a report on Tuesday, February 25th. Finally, Truist Financial initiated coverage on Summit Therapeutics in a report on Wednesday, January 8th. They set a "buy" rating and a $35.00 target price for the company. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Summit Therapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $35.40.

Summit Therapeutics Trading Up 6.8 %

NASDAQ SMMT traded up $1.56 during trading hours on Friday, hitting $24.61. 3,445,159 shares of the company's stock traded hands, compared to its average volume of 3,593,609. Summit Therapeutics Inc. has a 52 week low of $2.10 and a 52 week high of $33.89. The firm has a market capitalization of $18.15 billion, a P/E ratio of -87.89 and a beta of -0.46. The business's fifty day moving average price is $20.13 and its two-hundred day moving average price is $19.78.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its earnings results on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). The company had revenue of $0.20 million for the quarter. On average, sell-side analysts expect that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

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.