67,760 Shares in Summit Therapeutics Inc. (NASDAQ:SMMT) Acquired by Griffin Asset Management Inc.

Griffin Asset Management Inc. purchased a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 67,760 shares of the company's stock, valued at approximately $1,484,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake 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 acquiring an additional 254,261 shares during the period. Millennium Management LLC bought a new position in Summit Therapeutics in the 2nd quarter worth about $15,154,000. TD Asset Management Inc bought a new position in Summit Therapeutics in the 2nd quarter worth about $2,081,000. The Manufacturers Life Insurance Company grew its holdings in Summit Therapeutics by 167.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company's stock valued at $1,607,000 after buying an additional 128,934 shares in the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in Summit Therapeutics by 37.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 88,000 shares of the company's stock valued at $1,927,000 after buying an additional 24,100 shares in the last quarter. Institutional investors own 4.61% of the company's stock.

Summit Therapeutics Trading Up 7.4 %

Shares of NASDAQ SMMT traded up $1.62 during midday trading on Wednesday, hitting $23.46. 4,672,957 shares of the company's stock were exchanged, compared to its average volume of 3,743,175. Summit Therapeutics Inc. has a 12-month low of $1.64 and a 12-month high of $33.89. The company has a market cap of $16.47 billion, a price-to-earnings ratio of -143.94 and a beta of -0.97. The business's fifty day moving average price is $17.63 and its two-hundred day moving average price is $10.44.

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

Analysts Set New Price Targets

SMMT has been the subject of a number of recent analyst reports. HC Wainwright reaffirmed a "buy" rating and set a $45.00 target price on shares of Summit Therapeutics in a report on Friday, October 4th. Citigroup lowered Summit Therapeutics from a "buy" rating to a "neutral" rating and lifted their target price for the company from $19.00 to $23.00 in a report on Friday, September 27th. Finally, Stifel Nicolaus lifted their target price on Summit Therapeutics from $25.00 to $40.00 and gave the company a "buy" rating in a report on Wednesday, September 25th.

Summit Therapeutics Company 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.