JPMorgan Chase & Co. Sells 23,068 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

JPMorgan Chase & Co. lessened its stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 14.2% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 139,581 shares of the company's stock after selling 23,068 shares during the period. JPMorgan Chase & Co.'s holdings in Summit Therapeutics were worth $2,491,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted 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 last quarter. IvyRock Asset Management HK Ltd acquired a new position in Summit Therapeutics during the 4th quarter worth about $2,972,000. abrdn plc grew its holdings in Summit Therapeutics by 13.6% during the 4th quarter. abrdn plc now owns 1,290,425 shares of the company's stock worth $23,028,000 after acquiring an additional 154,139 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Summit Therapeutics by 252.8% in the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company's stock valued at $3,661,000 after acquiring an additional 147,003 shares in the last quarter. Finally, Sovran Advisors LLC purchased a new position in shares of Summit Therapeutics in the 4th quarter valued at approximately $1,951,000. Institutional investors own 4.61% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Evercore ISI assumed coverage on shares of Summit Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 target price for the company. HC Wainwright reaffirmed a "buy" rating on shares of Summit Therapeutics in a research note on Monday. Summit Redstone set a $35.00 price target on shares of Summit Therapeutics in a report on Wednesday, March 26th. The Goldman Sachs Group started coverage on Summit Therapeutics in a research report on Friday, February 28th. They issued a "buy" rating and a $42.00 price objective for the company. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Summit Therapeutics presently has a consensus rating of "Moderate Buy" and an average price target of $37.50.

Summit Therapeutics Trading Up 4.6 %

Shares of NASDAQ:SMMT traded up $1.07 during trading on Monday, hitting $24.54. 10,131,802 shares of the stock were exchanged, compared to its average volume of 3,808,308. Summit Therapeutics Inc. has a 12-month low of $2.10 and a 12-month high of $36.91. The company has a fifty day moving average price of $20.95 and a two-hundred day moving average price of $20.15. The company has a market cap of $18.10 billion, a PE ratio of -88.02 and a beta of -0.46.

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, meeting analysts' consensus estimates of ($0.08). The firm had revenue of $0.20 million during the quarter. 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.