Principal Financial Group Inc. Purchases 147,003 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Principal Financial Group Inc. raised its stake in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 252.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 205,150 shares of the company's stock after buying an additional 147,003 shares during the period. Principal Financial Group Inc.'s holdings in Summit Therapeutics were worth $3,661,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Baker BROS. Advisors LP grew its position in Summit Therapeutics by 5.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company's stock worth $534,905,000 after acquiring an additional 1,202,643 shares during the last quarter. FMR LLC grew its holdings in shares of Summit Therapeutics by 9.8% during the third quarter. FMR LLC now owns 8,303,119 shares of the company's stock worth $181,838,000 after purchasing an additional 737,692 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Summit Therapeutics by 53.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company's stock valued at $31,376,000 after buying an additional 497,984 shares during the period. abrdn plc raised its holdings in Summit Therapeutics by 13.6% in the 4th quarter. abrdn plc now owns 1,290,425 shares of the company's stock valued at $23,028,000 after buying an additional 154,139 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Summit Therapeutics by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company's stock worth $67,899,000 after buying an additional 135,981 shares during the period. Institutional investors own 4.61% of the company's stock.

Remove Ads

Summit Therapeutics Stock Performance

Shares of NASDAQ SMMT traded down $1.21 during midday trading on Friday, hitting $17.78. 3,409,255 shares of the stock traded hands, compared to its average volume of 2,503,521. Summit Therapeutics Inc. has a one year low of $2.10 and a one year high of $33.89. The business has a 50 day moving average price of $20.00 and a two-hundred day moving average price of $19.51. The company has a market cap of $13.12 billion, a PE ratio of -63.50 and a beta of -1.04.

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, meeting analysts' consensus estimates of ($0.08). The business had revenue of $0.20 million during the quarter. As a group, equities research analysts forecast that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SMMT. Wells Fargo & Company initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They issued an "overweight" rating and a $30.00 price target for the company. The Goldman Sachs Group initiated coverage on Summit Therapeutics in a report on Friday, February 28th. They set a "buy" rating and a $42.00 price target for the company. Jefferies Financial Group assumed coverage on Summit Therapeutics in a research report on Friday, December 6th. They set a "buy" rating and a $31.00 target price on the stock. StockNews.com raised Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Wednesday. Finally, Truist Financial started coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They issued a "buy" rating and a $35.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, Summit Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $34.63.

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.