Pictet Asset Management Holding SA Acquires 695,843 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Pictet Asset Management Holding SA increased its holdings in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 100.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,387,247 shares of the company's stock after purchasing an additional 695,843 shares during the quarter. Pictet Asset Management Holding SA owned 0.19% of Summit Therapeutics worth $24,755,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Brooklyn Investment Group bought a new stake in shares of Summit Therapeutics in the fourth quarter worth $29,000. Steward Partners Investment Advisory LLC increased its stake in Summit Therapeutics by 56.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock valued at $45,000 after buying an additional 900 shares during the last quarter. Rakuten Securities Inc. bought a new stake in Summit Therapeutics during the 4th quarter worth about $71,000. Fred Alger Management LLC acquired a new position in shares of Summit Therapeutics during the 3rd quarter worth about $105,000. Finally, Avanza Fonder AB bought a new position in shares of Summit Therapeutics in the 4th quarter valued at about $115,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently commented on SMMT shares. Evercore ISI began coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price target for the company. The Goldman Sachs Group began coverage on shares of Summit Therapeutics in a report on Friday, February 28th. They set a "buy" rating and a $42.00 target price on the stock. Truist Financial started coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They issued a "buy" rating and a $35.00 price target for the company. StockNews.com upgraded shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. Finally, Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They issued a "buy" rating and a $31.00 target price for the company. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $35.44.

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Summit Therapeutics Price Performance

NASDAQ SMMT traded down $1.55 on Thursday, reaching $18.91. The stock had a trading volume of 3,452,238 shares, compared to its average volume of 3,433,404. Summit Therapeutics Inc. has a 1-year low of $2.10 and a 1-year high of $33.89. The company has a market cap of $13.95 billion, a P/E ratio of -67.53 and a beta of -1.04. The firm has a fifty day moving average of $20.39 and a two-hundred day moving average of $20.00.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued 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. Research analysts predict that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

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.