Bank of Montreal Can Trims Stock Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Bank of Montreal Can trimmed its position in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 13.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 84,225 shares of the company's stock after selling 13,350 shares during the period. Bank of Montreal Can's holdings in Summit Therapeutics were worth $1,503,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Cerity Partners LLC lifted its holdings in shares of Summit Therapeutics by 13.8% in the 4th quarter. Cerity Partners LLC now owns 113,214 shares of the company's stock valued at $2,023,000 after buying an additional 13,772 shares during the period. Polymer Capital Management HK LTD acquired a new stake in Summit Therapeutics in the fourth quarter valued at $3,923,000. Wells Fargo & Company MN lifted its holdings in Summit Therapeutics by 79.2% in the fourth quarter. Wells Fargo & Company MN now owns 95,265 shares of the company's stock valued at $1,700,000 after acquiring an additional 42,090 shares during the period. Cinctive Capital Management LP purchased a new stake in shares of Summit Therapeutics during the 4th quarter worth $487,000. Finally, Headlands Technologies LLC acquired a new position in shares of Summit Therapeutics during the 4th quarter worth $306,000. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Stock Up 17.1 %

Shares of SMMT traded up $4.69 during trading hours on Wednesday, reaching $32.04. 4,247,058 shares of the company traded hands, compared to its average volume of 3,618,699. The stock has a market capitalization of $23.64 billion, a PE ratio of -114.42 and a beta of -0.46. The stock has a fifty day simple moving average of $20.36 and a 200 day simple moving average of $19.89. Summit Therapeutics Inc. has a fifty-two week low of $2.10 and a fifty-two week high of $33.89.

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

Analyst Ratings Changes

Several analysts recently commented on SMMT shares. Evercore ISI began coverage on shares of Summit Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price objective for the company. Citigroup raised Summit Therapeutics from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $23.00 to $35.00 in a research note on Wednesday, March 26th. The Goldman Sachs Group assumed coverage on Summit Therapeutics in a research note on Friday, February 28th. They issued a "buy" rating and a $42.00 price objective for the company. StockNews.com upgraded Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Wednesday, March 5th. Finally, Summit Redstone set a $35.00 price target on Summit Therapeutics in a research report on Wednesday, March 26th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Summit Therapeutics has a consensus rating of "Moderate Buy" and an average target price of $35.40.

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.