Geode Capital Management LLC Purchases 101,039 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Geode Capital Management LLC increased its position in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 3.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,200,847 shares of the company's stock after buying an additional 101,039 shares during the quarter. Geode Capital Management LLC owned 0.43% of Summit Therapeutics worth $57,133,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Virtu Financial LLC bought a new stake in Summit Therapeutics during the 3rd quarter worth approximately $925,000. Franklin Resources Inc. acquired a new stake in Summit Therapeutics in the third quarter valued at $2,091,000. Principal Financial Group Inc. raised its position in Summit Therapeutics by 60.9% during the 3rd quarter. Principal Financial Group Inc. now owns 58,147 shares of the company's stock worth $1,273,000 after purchasing an additional 22,014 shares during the last quarter. SeaCrest Wealth Management LLC acquired a new position in Summit Therapeutics during the 4th quarter worth about $444,000. Finally, Assenagon Asset Management S.A. bought a new stake in shares of Summit Therapeutics in the 4th quarter valued at about $229,000. Institutional investors and hedge funds own 4.61% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Evercore ISI initiated coverage on Summit Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 target price on the stock. Summit Redstone set a $35.00 price objective on shares of Summit Therapeutics in a research report on Wednesday, March 26th. The Goldman Sachs Group started coverage on shares of Summit Therapeutics in a research note on Friday, February 28th. They set a "buy" rating and a $42.00 target price for the company. HC Wainwright reaffirmed a "buy" rating and set a $44.00 price target on shares of Summit Therapeutics in a research report on Tuesday, February 25th. Finally, StockNews.com raised Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat.com, Summit Therapeutics currently has an average rating of "Moderate Buy" and a consensus price target of $35.40.

Summit Therapeutics Trading Up 6.8 %

SMMT stock traded up $1.56 during trading on Friday, reaching $24.61. 3,445,159 shares of the stock were exchanged, compared to its average volume of 3,593,609. Summit Therapeutics Inc. has a twelve month low of $2.10 and a twelve month high of $33.89. The firm's 50 day moving average is $20.13 and its 200 day moving average is $19.78. The firm has a market cap of $18.15 billion, a P/E ratio of -87.89 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) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.08). The firm had revenue of $0.20 million for the quarter. As a group, analysts predict that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Summit Therapeutics Company 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.