Bank of New York Mellon Corp Has $5.95 Million Stake in Summit Therapeutics Inc. (NASDAQ:SMMT)

Bank of New York Mellon Corp raised its stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 33.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 333,510 shares of the company's stock after purchasing an additional 84,117 shares during the quarter. Bank of New York Mellon Corp's holdings in Summit Therapeutics were worth $5,951,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in SMMT. CIBC Asset Management Inc lifted its position in shares of Summit Therapeutics by 3.8% during the 3rd quarter. CIBC Asset Management Inc now owns 20,445 shares of the company's stock worth $448,000 after buying an additional 740 shares during the period. Darwin Wealth Management LLC bought a new position in shares of Summit Therapeutics during the third quarter valued at $25,000. Brooklyn Investment Group acquired a new stake in shares of Summit Therapeutics in the 4th quarter valued at $29,000. Janney Montgomery Scott LLC boosted its stake in shares of Summit Therapeutics by 39.4% in the 4th quarter. Janney Montgomery Scott LLC now owns 15,716 shares of the company's stock valued at $280,000 after purchasing an additional 4,443 shares in the last quarter. Finally, New York State Common Retirement Fund grew its holdings in shares of Summit Therapeutics by 18.6% in the 4th quarter. New York State Common Retirement Fund now owns 29,377 shares of the company's stock worth $524,000 after purchasing an additional 4,600 shares during the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

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Summit Therapeutics Stock Down 3.3 %

Shares of Summit Therapeutics stock traded down $0.66 during trading on Thursday, reaching $19.45. 994,229 shares of the company were exchanged, compared to its average volume of 3,407,847. The business has a 50-day moving average price of $20.23 and a 200-day moving average price of $19.91. The firm has a market capitalization of $14.35 billion, a price-to-earnings ratio of -69.87 and a beta of -1.04. Summit Therapeutics Inc. has a twelve month low of $2.10 and a twelve month high of $33.89.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its 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 company had revenue of $0.20 million for the quarter. On average, equities research analysts forecast that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on SMMT. Jefferies Financial Group began coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They set a "buy" rating and a $31.00 price target for the company. Wells Fargo & Company started coverage on Summit Therapeutics in a report on Wednesday, December 11th. They issued an "overweight" rating and a $30.00 target price on the stock. The Goldman Sachs Group began coverage on Summit Therapeutics in a report on Friday, February 28th. They set a "buy" rating and a $42.00 price target for the company. HC Wainwright reissued a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, February 25th. Finally, Evercore ISI initiated coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 target price for the company. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Summit Therapeutics has an average rating of "Moderate Buy" and an average target price of $34.11.

Summit Therapeutics 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.