Fmr LLC Lowers Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

FMR LLC lessened its holdings in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 3.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,055,370 shares of the company's stock after selling 247,749 shares during the period. FMR LLC owned 1.09% of Summit Therapeutics worth $143,748,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Steward Partners Investment Advisory LLC boosted its stake in Summit Therapeutics by 56.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock worth $45,000 after acquiring an additional 900 shares in the last quarter. CIBC Asset Management Inc grew its stake in shares of Summit Therapeutics by 5.5% in the 4th quarter. CIBC Asset Management Inc now owns 21,577 shares of the company's stock worth $385,000 after buying an additional 1,132 shares during the last quarter. Brooklyn Investment Group bought a new position in Summit Therapeutics during the 4th quarter valued at approximately $29,000. National Bank of Canada FI purchased a new position in Summit Therapeutics during the fourth quarter valued at $30,000. Finally, Rakuten Securities Inc. bought a new stake in Summit Therapeutics in the fourth quarter worth $71,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Price Performance

Shares of SMMT traded up $1.56 during trading hours on Friday, hitting $24.61. The stock had a trading volume of 3,445,159 shares, compared to its average volume of 3,584,289. Summit Therapeutics Inc. has a 12 month low of $2.10 and a 12 month high of $33.89. The stock has a fifty day moving average price of $20.02 and a 200 day moving average price of $19.75. The firm has a market capitalization of $18.15 billion, a PE ratio of -87.89 and a beta of -0.46.

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, meeting analysts' consensus estimates of ($0.08). The firm had revenue of $0.20 million for the quarter. As a group, analysts anticipate that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. StockNews.com raised Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Wednesday, March 5th. HC Wainwright reaffirmed a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, February 25th. The Goldman Sachs Group began coverage on shares of Summit Therapeutics in a research report on Friday, February 28th. They set a "buy" rating and a $42.00 price target for the company. Truist Financial assumed coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They issued a "buy" rating and a $35.00 price objective on the stock. Finally, Summit Redstone set a $35.00 price target on Summit Therapeutics in a research note on Wednesday, March 26th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently 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.