Summit Therapeutics Inc. (NASDAQ:SMMT) Shares Purchased by Invesco Ltd.

Invesco Ltd. lifted its stake in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 435.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 399,050 shares of the company's stock after purchasing an additional 324,555 shares during the period. Invesco Ltd. owned about 0.05% of Summit Therapeutics worth $7,121,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in SMMT. Vanguard Group Inc. raised its position in shares of Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock worth $208,261,000 after acquiring an additional 724,040 shares in the last quarter. Geode Capital Management LLC increased its stake in Summit Therapeutics by 3.3% in the fourth quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company's stock valued at $57,133,000 after purchasing an additional 101,039 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Summit Therapeutics by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,485,072 shares of the company's stock valued at $26,501,000 after buying an additional 52,359 shares during the last quarter. Pictet Asset Management Holding SA boosted its stake in shares of Summit Therapeutics by 100.6% during the fourth 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 during the period. Finally, abrdn plc grew its holdings in shares of Summit Therapeutics by 13.6% during the fourth quarter. abrdn plc now owns 1,290,425 shares of the company's stock worth $23,028,000 after buying an additional 154,139 shares during the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on SMMT shares. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. StockNews.com raised Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Wednesday, March 5th. JMP Securities reissued a "market outperform" rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research note on Monday. Jefferies Financial Group set a $44.00 target price on shares of Summit Therapeutics and gave the stock a "buy" rating in a research note on Friday. Finally, Evercore ISI initiated coverage on shares of Summit Therapeutics in a research note on Wednesday, March 12th. They set an "outperform" rating and a $30.00 price target on the stock. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $37.50.

Summit Therapeutics Trading Up 2.7 %

Shares of SMMT stock traded up $0.64 during trading hours on Monday, hitting $24.11. The company's stock had a trading volume of 13,094,141 shares, compared to its average volume of 3,819,305. The business has a fifty day moving average of $20.95 and a 200-day moving average of $20.15. Summit Therapeutics Inc. has a twelve month low of $2.10 and a twelve month high of $36.91. The stock has a market cap of $17.79 billion, a price-to-earnings ratio of -86.10 and a beta of -0.46.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $0.20 million for the quarter. On average, equities analysts expect that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Summit Therapeutics 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.