Summit Therapeutics Inc. (NASDAQ:SMMT) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. trimmed its position in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 23.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 69,340 shares of the company's stock after selling 20,801 shares during the quarter. Russell Investments Group Ltd.'s holdings in Summit Therapeutics were worth $1,237,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock valued at $208,261,000 after buying an additional 724,040 shares during the period. Geode Capital Management LLC increased its stake in Summit Therapeutics by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company's stock worth $57,133,000 after acquiring an additional 101,039 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Summit Therapeutics by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,485,072 shares of the company's stock valued at $26,501,000 after purchasing an additional 52,359 shares during the period. Pictet Asset Management Holding SA lifted its stake in shares of Summit Therapeutics by 100.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock valued at $24,755,000 after purchasing an additional 695,843 shares during the last quarter. Finally, abrdn plc grew its holdings in shares of Summit Therapeutics by 13.6% during the 4th quarter. abrdn plc now owns 1,290,425 shares of the company's stock worth $23,028,000 after purchasing an additional 154,139 shares during the period. Hedge funds and other institutional investors own 4.61% of the company's stock.

Summit Therapeutics Trading Down 26.0 %

Shares of Summit Therapeutics stock traded down $9.53 on Friday, reaching $27.17. 3,669,505 shares of the stock were exchanged, compared to its average volume of 3,690,712. The firm has a market capitalization of $20.04 billion, a PE ratio of -103.48 and a beta of -0.46. Summit Therapeutics Inc. has a 1-year low of $2.10 and a 1-year high of $36.91. The business has a fifty day moving average price of $20.90 and a two-hundred day moving average price of $20.10.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.08). The business had revenue of $0.20 million for the quarter. Research analysts expect that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on SMMT shares. HC Wainwright restated a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a report on Tuesday, February 25th. Citigroup raised shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and boosted their price target for the company from $23.00 to $35.00 in a research note on Wednesday, March 26th. Summit Redstone set a $35.00 price objective on shares of Summit Therapeutics in a research report on Wednesday, March 26th. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a research report on Wednesday. Finally, The Goldman Sachs Group initiated coverage on Summit Therapeutics in a research note on Friday, February 28th. They set a "buy" rating and a $42.00 price target on the stock. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $35.40.

Summit Therapeutics 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.