IvyRock Asset Management HK Ltd Acquires New Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

IvyRock Asset Management HK Ltd bought a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 166,500 shares of the company's stock, valued at approximately $2,972,000. Summit Therapeutics makes up about 1.3% of IvyRock Asset Management HK Ltd's holdings, making the stock its 11th biggest holding.

Several other hedge funds have also recently modified their holdings of the company. Baker BROS. Advisors LP lifted its holdings in Summit Therapeutics by 5.2% during the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company's stock worth $534,905,000 after acquiring an additional 1,202,643 shares during the period. FMR LLC increased its position 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 valued at $181,838,000 after purchasing an additional 737,692 shares during the last quarter. Vanguard Group Inc. raised its stake 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 purchasing an additional 724,040 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Summit Therapeutics by 53.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company's stock worth $31,376,000 after buying an additional 497,984 shares during the last quarter. Finally, abrdn plc boosted its holdings in shares of Summit Therapeutics by 13.6% in the 4th 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. Institutional investors own 4.61% of the company's stock.

Remove Ads

Analyst Ratings Changes

SMMT has been the subject of a number of research reports. HC Wainwright reissued a "buy" rating and set a $44.00 target price on shares of Summit Therapeutics in a research report on Tuesday, February 25th. Jefferies Financial Group initiated coverage on Summit Therapeutics in a research report on Friday, December 6th. They issued a "buy" rating and a $31.00 target price for the company. Wells Fargo & Company initiated coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They set an "overweight" rating and a $30.00 price target on the stock. StockNews.com raised Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Wednesday, March 5th. Finally, Cantor Fitzgerald began coverage on shares of Summit Therapeutics in a report on Friday, March 21st. They set an "overweight" rating on the stock. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Summit Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $35.44.

Summit Therapeutics Price Performance

SMMT stock traded down $0.28 during mid-day trading on Friday, reaching $20.32. 1,685,854 shares of the company traded hands, compared to its average volume of 3,430,026. The company has a fifty day moving average price of $20.51 and a 200-day moving average price of $20.17. Summit Therapeutics Inc. has a 52-week low of $2.10 and a 52-week high of $33.89. The company has a market capitalization of $14.99 billion, a P/E ratio of -72.57 and a beta of -1.04.

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