Cerity Partners LLC Grows Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Cerity Partners LLC raised its position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 13.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,214 shares of the company's stock after acquiring an additional 13,772 shares during the period. Cerity Partners LLC's holdings in Summit Therapeutics were worth $2,023,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brooklyn Investment Group bought a new stake in Summit Therapeutics in the fourth quarter worth $29,000. National Bank of Canada FI purchased a new position in shares of Summit Therapeutics in the 4th quarter worth $30,000. Steward Partners Investment Advisory LLC increased its holdings in shares of Summit Therapeutics by 56.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock worth $45,000 after buying an additional 900 shares during the last quarter. Rakuten Securities Inc. purchased a new stake in shares of Summit Therapeutics during the 4th quarter valued at about $71,000. Finally, Avanza Fonder AB bought a new position in shares of Summit Therapeutics in the 4th quarter valued at about $115,000. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Trading Up 8.4 %

Shares of NASDAQ SMMT traded up $2.13 during mid-day trading on Tuesday, reaching $27.35. The company had a trading volume of 4,609,199 shares, compared to its average volume of 3,613,868. Summit Therapeutics Inc. has a 52 week low of $2.10 and a 52 week high of $33.89. The business's 50-day moving average is $20.36 and its 200-day moving average is $19.89. The stock has a market cap of $20.18 billion, a price-to-earnings ratio of -97.68 and a beta of -0.46.

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SMMT. Summit Redstone set a $35.00 price objective on Summit Therapeutics in a research note on Wednesday, March 26th. Evercore ISI assumed coverage on Summit Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 target price on the stock. Cantor Fitzgerald began coverage on Summit Therapeutics in a research report on Friday, March 21st. They issued an "overweight" rating for the company. Citigroup upgraded shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $23.00 to $35.00 in a research report on Wednesday, March 26th. Finally, Truist Financial began coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They issued a "buy" rating and a $35.00 target price for the company. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Summit Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $35.40.

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.