Griffin Asset Management Inc. Purchases 42,900 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Griffin Asset Management Inc. lifted its position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 63.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 110,660 shares of the company's stock after purchasing an additional 42,900 shares during the period. Griffin Asset Management Inc.'s holdings in Summit Therapeutics were worth $1,975,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Baker BROS. Advisors LP boosted its stake in shares of Summit Therapeutics by 5.2% in the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company's stock valued at $534,905,000 after buying an additional 1,202,643 shares during the period. Cerity Partners LLC bought a new stake in shares of Summit Therapeutics during the 3rd quarter valued at $2,178,000. FMR LLC grew its holdings in shares of Summit Therapeutics by 9.8% during the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company's stock worth $181,838,000 after purchasing an additional 737,692 shares in the last quarter. Millennium Management LLC bought a new position in shares of Summit Therapeutics in the second quarter worth $15,154,000. Finally, China Universal Asset Management Co. Ltd. raised its stake in Summit Therapeutics by 69.0% in the third quarter. China Universal Asset Management Co. Ltd. now owns 139,352 shares of the company's stock valued at $3,052,000 after purchasing an additional 56,879 shares in the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SMMT shares. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They set a "buy" rating and a $31.00 price objective on the stock. JMP Securities initiated coverage on shares of Summit Therapeutics in a research note on Monday, November 4th. They issued a "market outperform" rating and a $32.00 price objective on the stock. Wells Fargo & Company assumed coverage on Summit Therapeutics in a research note on Wednesday, December 11th. They set an "overweight" rating and a $30.00 target price for the company. HC Wainwright reiterated a "buy" rating and issued a $44.00 price target on shares of Summit Therapeutics in a research note on Tuesday, January 21st. Finally, Truist Financial started coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They set a "buy" rating and a $35.00 price objective for the company. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $33.57.

Summit Therapeutics Price Performance

Shares of NASDAQ SMMT traded down $1.20 during mid-day trading on Friday, hitting $21.17. 1,271,340 shares of the stock traded hands, compared to its average volume of 2,447,667. The company has a market cap of $15.61 billion, a PE ratio of -75.60 and a beta of -0.87. Summit Therapeutics Inc. has a twelve month low of $2.10 and a twelve month high of $33.89. The firm has a 50 day simple moving average of $19.10 and a two-hundred day simple moving average of $17.75.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.02). During the same period in the prior year, the company posted ($0.03) earnings per share. On average, equities research 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.