Norges Bank Invests $1.78 Million in Summit Therapeutics Inc. (NASDAQ:SMMT)

Norges Bank bought a new position in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 100,000 shares of the company's stock, valued at approximately $1,784,000.

Other large investors have also recently bought and sold shares of the company. NEOS Investment Management LLC purchased a new position in Summit Therapeutics during the fourth quarter worth about $475,000. Artisan Partners Limited Partnership bought a new position in shares of Summit Therapeutics in the fourth quarter worth approximately $1,691,000. IvyRock Asset Management HK Ltd bought a new position in shares of Summit Therapeutics in the fourth quarter worth approximately $2,972,000. Vanguard Group Inc. raised its stake in Summit Therapeutics by 6.6% in the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock valued at $208,261,000 after purchasing an additional 724,040 shares in the last quarter. Finally, American Century Companies Inc. bought a new stake in Summit Therapeutics during the fourth quarter valued at approximately $231,000. 4.61% of the stock is owned by institutional investors.

Summit Therapeutics Trading Down 5.8 %

Shares of SMMT stock traded down $1.51 during mid-day trading on Tuesday, reaching $24.62. The stock had a trading volume of 7,047,397 shares, compared to its average volume of 3,555,837. The stock's 50-day moving average price is $19.80 and its two-hundred day moving average price is $19.67. The firm has a market capitalization of $18.16 billion, a PE ratio of -87.93 and a beta of -0.46. Summit Therapeutics Inc. has a 52-week low of $2.10 and a 52-week high of $33.89.

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Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $0.20 million during the quarter. On average, equities research analysts forecast that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Cantor Fitzgerald initiated coverage on shares of Summit Therapeutics in a research report on Friday, March 21st. They set an "overweight" rating on the stock. Summit Redstone set a $35.00 price target on Summit Therapeutics in a research report on Wednesday, March 26th. Citigroup upgraded Summit Therapeutics from a "neutral" rating to a "buy" rating and increased their price objective for the company from $23.00 to $35.00 in a research report on Wednesday, March 26th. Truist Financial assumed coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They issued a "buy" rating and a $35.00 target price for the company. Finally, HC Wainwright reiterated a "buy" rating and set a $44.00 price target on shares of Summit Therapeutics in a research report on Tuesday, February 25th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Summit Therapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $35.40.

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.