China Universal Asset Management Co. Ltd. Purchases 56,879 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

China Universal Asset Management Co. Ltd. raised its holdings in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 69.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 139,352 shares of the company's stock after buying an additional 56,879 shares during the period. China Universal Asset Management Co. Ltd.'s holdings in Summit Therapeutics were worth $3,052,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of SMMT. Millennium Management LLC purchased a new position in shares of Summit Therapeutics during the 2nd quarter valued at $15,154,000. abrdn plc bought a new stake in Summit Therapeutics in the 3rd quarter worth approximately $24,885,000. TD Asset Management Inc bought a new position in shares of Summit Therapeutics during the 2nd quarter valued at approximately $2,081,000. Vanguard Group Inc. increased its stake in Summit Therapeutics by 3.6% during the first 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 last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Summit Therapeutics by 167.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company's stock worth $1,607,000 after acquiring an additional 128,934 shares during the last quarter. Hedge funds and other institutional investors own 4.61% of the company's stock.

Summit Therapeutics Stock Down 1.8 %

NASDAQ:SMMT traded down $0.41 during mid-day trading on Tuesday, reaching $21.83. The company's stock had a trading volume of 2,314,653 shares, compared to its average volume of 3,674,101. The stock has a fifty day moving average of $19.44 and a 200-day moving average of $11.53. Summit Therapeutics Inc. has a 1 year low of $1.64 and a 1 year high of $33.89. The firm has a market capitalization of $15.82 billion, a PE ratio of -92.52 and a beta of -0.97.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. On average, analysts expect that Summit Therapeutics Inc. will post -0.27 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on SMMT shares. Stifel Nicolaus lifted their target price on Summit Therapeutics from $25.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday, September 25th. HC Wainwright reissued a "buy" rating and issued a $45.00 price objective on shares of Summit Therapeutics in a research report on Friday, October 4th. Finally, Citigroup downgraded shares of Summit Therapeutics from a "buy" rating to a "neutral" rating and lifted their price target for the company from $19.00 to $23.00 in a research note on Friday, September 27th.

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.