Guggenheim Capital LLC Makes New $765,000 Investment in Summit Therapeutics Inc. (NASDAQ:SMMT)

Guggenheim Capital LLC bought a new stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 42,887 shares of the company's stock, valued at approximately $765,000.

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

Analysts Set New Price Targets

A number of brokerages have issued reports on SMMT. Citigroup raised Summit Therapeutics from a "neutral" rating to a "buy" rating and upped their target price for the company from $23.00 to $35.00 in a research report on Wednesday, March 26th. JMP Securities reiterated a "market outperform" rating and set a $40.00 price target on shares of Summit Therapeutics in a research report on Monday. Truist Financial started coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They set a "buy" rating and a $35.00 price target for the company. HC Wainwright reiterated a "buy" rating on shares of Summit Therapeutics in a research report on Monday. Finally, StockNews.com upgraded shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Wednesday, March 5th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $37.50.

Summit Therapeutics Stock Up 2.4 %

Shares of NASDAQ SMMT traded up $0.55 during mid-day trading on Monday, hitting $24.02. 10,769,490 shares of the company traded hands, compared to its average volume of 3,440,907. The business has a 50 day moving average of $20.95 and a two-hundred day moving average of $20.15. The stock has a market capitalization of $17.72 billion, a price-to-earnings ratio of -85.71 and a beta of -0.46. Summit Therapeutics Inc. has a 1 year low of $2.10 and a 1 year high of $36.91.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $0.20 million for the quarter. As a group, research analysts anticipate that Summit Therapeutics Inc. will post -0.3 EPS for the current 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.