Summit Therapeutics Inc. (NASDAQ:SMMT) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. raised its stake in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 131.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 36,133 shares of the company's stock after purchasing an additional 20,553 shares during the quarter. Principal Financial Group Inc.'s holdings in Summit Therapeutics were worth $282,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Summit Therapeutics by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company's stock worth $30,095,000 after purchasing an additional 254,261 shares during the period. China Universal Asset Management Co. Ltd. raised its stake in shares of Summit Therapeutics by 66.3% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company's stock valued at $558,000 after acquiring an additional 53,774 shares during the period. Hoylecohen LLC lifted its holdings in shares of Summit Therapeutics by 2.4% during the 2nd quarter. Hoylecohen LLC now owns 86,408 shares of the company's stock valued at $674,000 after acquiring an additional 2,000 shares in the last quarter. Aristides Capital LLC purchased a new stake in Summit Therapeutics during the 4th quarter worth $210,000. Finally, ProShare Advisors LLC increased its holdings in Summit Therapeutics by 9.4% in the 1st quarter. ProShare Advisors LLC now owns 69,995 shares of the company's stock valued at $290,000 after purchasing an additional 6,035 shares in the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Stock Performance

Shares of NASDAQ SMMT traded up $4.52 during midday trading on Friday, reaching $31.93. 24,434,701 shares of the company's stock were exchanged, compared to its average volume of 6,355,913. Summit Therapeutics Inc. has a 52-week low of $1.64 and a 52-week high of $33.60. The business's fifty day moving average price is $12.32 and its two-hundred day moving average price is $7.73. The stock has a market capitalization of $23.13 billion, a PE ratio of -199.56 and a beta of -0.99.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. Analysts predict that Summit Therapeutics Inc. will post -0.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

SMMT has been the subject of several analyst reports. HC Wainwright upped their target price on Summit Therapeutics from $16.00 to $30.00 and gave the stock a "buy" rating in a research report on Monday, September 9th. Citigroup upped their price target on Summit Therapeutics from $13.00 to $19.00 and gave the stock a "buy" rating in a report on Monday, September 9th. Finally, Stifel Nicolaus lifted their price objective on shares of Summit Therapeutics from $14.00 to $25.00 and gave the company a "buy" rating in a research note on Monday, September 9th.

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.