Summit Therapeutics Inc. (NASDAQ:SMMT) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 7.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 280,365 shares of the company's stock after selling 21,334 shares during the quarter. Bank of New York Mellon Corp's holdings in Summit Therapeutics were worth $2,187,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SMMT. Vanguard Group Inc. lifted its position in shares of Summit Therapeutics by 3.6% in the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company's stock valued at $30,095,000 after acquiring an additional 254,261 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in Summit Therapeutics by 66.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company's stock worth $558,000 after purchasing an additional 53,774 shares during the last quarter. Hoylecohen LLC grew its holdings in shares of Summit Therapeutics by 2.4% during the second quarter. Hoylecohen LLC now owns 86,408 shares of the company's stock worth $674,000 after buying an additional 2,000 shares in the last quarter. Aristides Capital LLC purchased a new position in shares of Summit Therapeutics in the fourth quarter worth about $210,000. Finally, ProShare Advisors LLC lifted its stake in shares of Summit Therapeutics by 9.4% in the first quarter. ProShare Advisors LLC now owns 69,995 shares of the company's stock worth $290,000 after buying an additional 6,035 shares in the last quarter. Hedge funds and other institutional investors own 4.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SMMT shares. HC Wainwright increased their price objective on shares of Summit Therapeutics from $30.00 to $45.00 and gave the company a "buy" rating in a report on Monday. Stifel Nicolaus increased their price target on Summit Therapeutics from $14.00 to $25.00 and gave the company a "buy" rating in a report on Monday, September 9th. Finally, Citigroup lifted their price objective on Summit Therapeutics from $13.00 to $19.00 and gave the stock a "buy" rating in a research report on Monday, September 9th.

Summit Therapeutics Stock Down 6.3 %

NASDAQ:SMMT traded down $1.66 on Wednesday, hitting $24.56. The stock had a trading volume of 8,040,375 shares, compared to its average volume of 3,619,286. The company has a fifty day moving average price of $13.13 and a two-hundred day moving average price of $8.05. The stock has a market cap of $17.24 billion, a price-to-earnings ratio of -155.19 and a beta of -0.99. Summit Therapeutics Inc. has a 1-year low of $1.64 and a 1-year high of $33.89.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. As a group, analysts anticipate that Summit Therapeutics Inc. will post -0.27 earnings per share for the current 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.