Calamos Advisors LLC Has $425,000 Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Calamos Advisors LLC cut its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 49.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 23,821 shares of the company's stock after selling 22,926 shares during the quarter. Calamos Advisors LLC's holdings in Summit Therapeutics were worth $425,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. abrdn plc grew its holdings in shares of Summit Therapeutics by 13.6% in the 4th quarter. abrdn plc now owns 1,290,425 shares of the company's stock worth $23,028,000 after acquiring an additional 154,139 shares during the period. China Universal Asset Management Co. Ltd. lifted its position in shares of Summit Therapeutics by 12.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 156,366 shares of the company's stock worth $2,790,000 after purchasing an additional 17,014 shares in the last quarter. Five Pine Wealth Management acquired a new stake in shares of Summit Therapeutics during the fourth quarter valued at about $531,000. Griffin Asset Management Inc. raised its position in shares of Summit Therapeutics by 63.3% in the 4th quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company's stock valued at $1,975,000 after purchasing an additional 42,900 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its position 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 worth $280,000 after purchasing an additional 4,443 shares during the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Wells Fargo & Company began coverage on Summit Therapeutics in a report on Wednesday, December 11th. They set an "overweight" rating and a $30.00 target price for the company. Jefferies Financial Group started coverage on Summit Therapeutics in a research report on Friday, December 6th. They set a "buy" rating and a $31.00 target price on the stock. JMP Securities assumed coverage on Summit Therapeutics in a report on Monday, November 4th. They issued a "market outperform" rating and a $32.00 target price for the company. HC Wainwright reaffirmed a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a research report on Tuesday, January 21st. Finally, Truist Financial started coverage on shares of Summit Therapeutics in a research 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 six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Summit Therapeutics currently has an average rating of "Moderate Buy" and a consensus target price of $33.57.

Summit Therapeutics Price Performance

Shares of SMMT traded down $0.56 during mid-day trading on Friday, reaching $20.11. The company had a trading volume of 1,345,875 shares, compared to its average volume of 2,278,741. The company's 50-day moving average is $19.30 and its 200-day moving average is $18.27. Summit Therapeutics Inc. has a twelve month low of $2.10 and a twelve month high of $33.89. The company has a market capitalization of $14.83 billion, a P/E ratio of -71.82 and a beta of -0.88.

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.