Exchange Traded Concepts LLC Trims Holdings in Summit Therapeutics Inc. (NASDAQ:SMMT)

Exchange Traded Concepts LLC decreased its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 85.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,499 shares of the company's stock after selling 39,252 shares during the period. Exchange Traded Concepts LLC's holdings in Summit Therapeutics were worth $142,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Russell Investments Group Ltd. increased its holdings in Summit Therapeutics by 142.2% during the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company's stock worth $25,000 after acquiring an additional 3,579 shares during the period. Virtu Financial LLC increased its stake in Summit Therapeutics by 23.3% in the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company's stock worth $84,000 after acquiring an additional 3,846 shares during the last quarter. Fullcircle Wealth LLC purchased a new stake in shares of Summit Therapeutics in the 2nd quarter valued at about $95,000. EntryPoint Capital LLC purchased a new position in shares of Summit Therapeutics during the first quarter worth about $100,000. Finally, XTX Topco Ltd purchased a new position in shares of Summit Therapeutics during the second quarter worth about $121,000. Institutional investors own 4.61% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SMMT. Citigroup lowered shares of 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 research report on Friday, September 27th. Stifel Nicolaus increased their price target on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a "buy" rating in a research report on Wednesday, September 25th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $45.00 price objective on shares of Summit Therapeutics in a research note on Friday, October 4th.

Summit Therapeutics Trading Down 2.7 %

Shares of SMMT stock traded down $0.56 during midday trading on Wednesday, reaching $20.03. 1,512,985 shares of the stock were exchanged, compared to its average volume of 3,701,941. The company's 50 day moving average is $18.90 and its two-hundred day moving average is $11.12. The firm has a market cap of $14.06 billion, a PE ratio of -125.19 and a beta of -0.97. 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 announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. As a group, equities analysts expect that Summit Therapeutics Inc. will post -0.27 EPS 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.