Barclays PLC Has $5.89 Million Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Barclays PLC raised its stake in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 32.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 330,146 shares of the company's stock after acquiring an additional 80,028 shares during the period. Barclays PLC's holdings in Summit Therapeutics were worth $5,891,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Virtu Financial LLC acquired a new position in Summit Therapeutics in the third quarter valued at about $925,000. Franklin Resources Inc. bought a new position in Summit Therapeutics in the 3rd quarter valued at about $2,091,000. Principal Financial Group Inc. raised its position in shares of Summit Therapeutics by 60.9% in the 3rd quarter. Principal Financial Group Inc. now owns 58,147 shares of the company's stock valued at $1,273,000 after buying an additional 22,014 shares in the last quarter. SeaCrest Wealth Management LLC bought a new stake in shares of Summit Therapeutics during the 4th quarter worth approximately $444,000. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Summit Therapeutics during the 4th quarter worth approximately $229,000. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Price Performance

SMMT opened at $23.47 on Friday. Summit Therapeutics Inc. has a fifty-two week low of $2.10 and a fifty-two week high of $36.91. The company's 50 day moving average price is $20.95 and its two-hundred day moving average price is $20.13. The firm has a market capitalization of $17.31 billion, a price-to-earnings ratio of -83.82 and a beta of -0.46.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $0.20 million during the quarter. As a group, equities research analysts predict that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on SMMT shares. Summit Redstone set a $35.00 price objective on shares of Summit Therapeutics in a research report on Wednesday, March 26th. 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. Citigroup raised Summit Therapeutics from a "neutral" rating to a "buy" rating and raised their price objective for the company from $23.00 to $35.00 in a research note on Wednesday, March 26th. Jefferies Financial Group set a $44.00 target price on Summit Therapeutics and gave the stock a "buy" rating in a research note on Friday. Finally, 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 target on the stock. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $36.70.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.