Handelsbanken Fonder AB Sells 50,900 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Handelsbanken Fonder AB lessened its stake in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 57.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,100 shares of the company's stock after selling 50,900 shares during the quarter. Handelsbanken Fonder AB's holdings in Summit Therapeutics were worth $662,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Darwin Wealth Management LLC bought a new position in Summit Therapeutics in the third quarter valued at about $25,000. Covestor Ltd lifted its position in Summit Therapeutics by 2,767.4% during the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company's stock valued at $27,000 after purchasing an additional 1,190 shares during the period. Brooklyn Investment Group bought a new position in shares of Summit Therapeutics in the 4th quarter valued at about $29,000. Fred Alger Management LLC acquired a new stake in shares of Summit Therapeutics during the 3rd quarter worth approximately $105,000. Finally, Avanza Fonder AB bought a new stake in shares of Summit Therapeutics during the fourth quarter worth approximately $115,000. Institutional investors and hedge funds own 4.61% of the company's stock.

Summit Therapeutics Trading Up 2.4 %

Shares of SMMT stock traded up $0.46 on Wednesday, hitting $19.55. 1,611,491 shares of the stock were exchanged, compared to its average volume of 2,496,547. The business has a 50-day moving average of $20.01 and a 200 day moving average of $19.47. Summit Therapeutics Inc. has a fifty-two week low of $2.10 and a fifty-two week high of $33.89. The firm has a market capitalization of $14.42 billion, a P/E ratio of -69.82 and a beta of -0.88.

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Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings data on Monday, February 24th. The company reported ($0.08) EPS for the quarter, hitting analysts' consensus estimates of ($0.08). The business had revenue of $0.20 million during the quarter. As a group, research analysts forecast that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Analyst Ratings Changes

SMMT has been the subject of a number of analyst reports. StockNews.com raised shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Wednesday. Truist Financial initiated coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They issued a "buy" rating and a $35.00 price target for the company. 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 price objective on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a research note on Tuesday, February 25th. Finally, Wells Fargo & Company started coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They issued an "overweight" rating and a $30.00 target price on the stock. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, Summit Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $34.63.

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.