Summit Therapeutics Inc. (NASDAQ:SMMT) Shares Bought by Franklin Resources Inc.

Franklin Resources Inc. lifted its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 56.0% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 161,079 shares of the company's stock after buying an additional 57,803 shares during the period. Franklin Resources Inc.'s holdings in Summit Therapeutics were worth $2,874,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of SMMT. DnB Asset Management AS increased its position in Summit Therapeutics by 21.6% in the fourth quarter. DnB Asset Management AS now owns 34,978 shares of the company's stock worth $624,000 after buying an additional 6,208 shares during the last quarter. Orion Portfolio Solutions LLC purchased a new stake in Summit Therapeutics in the fourth quarter valued at approximately $193,000. Pictet Asset Management Holding SA grew its stake in Summit Therapeutics by 100.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock worth $24,755,000 after buying an additional 695,843 shares in the last quarter. Norges Bank purchased a new stake in Summit Therapeutics during the fourth quarter valued at about $1,784,000. Finally, NEOS Investment Management LLC bought a new position in Summit Therapeutics during the 4th quarter valued at approximately $475,000. Institutional investors own 4.61% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SMMT shares. Cantor Fitzgerald began coverage on Summit Therapeutics in a report on Friday, March 21st. They set an "overweight" rating on the stock. StockNews.com raised Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. The Goldman Sachs Group assumed coverage on Summit Therapeutics in a research report on Friday, February 28th. They set a "buy" rating and a $42.00 price objective for the company. Truist Financial began coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They issued a "buy" rating and a $35.00 target price on the stock. Finally, HC Wainwright reissued a "buy" rating and set a $44.00 price target on shares of Summit Therapeutics in a research report on Tuesday, February 25th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Summit Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $35.40.

Summit Therapeutics Stock Performance

Shares of Summit Therapeutics stock traded up $1.56 during trading on Friday, hitting $24.61. 3,445,159 shares of the company's stock were exchanged, compared to its average volume of 3,584,289. The business has a 50-day simple moving average of $20.02 and a 200-day simple moving average of $19.75. The stock has a market capitalization of $18.15 billion, a price-to-earnings ratio of -87.89 and a beta of -0.46. Summit Therapeutics Inc. has a 52-week low of $2.10 and a 52-week 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 for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $0.20 million for the quarter. On average, equities analysts anticipate that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

About Summit Therapeutics

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.