Skandinaviska Enskilda Banken AB publ Makes New Investment in Summit Therapeutics Inc. (NASDAQ:SMMT)

Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 32,663 shares of the company's stock, valued at approximately $586,000.

A number of other institutional investors also recently added to or reduced their stakes in SMMT. Darwin Wealth Management LLC bought a new position in shares of Summit Therapeutics during the 3rd quarter worth approximately $25,000. Brooklyn Investment Group acquired a new position in Summit Therapeutics during the fourth quarter worth $29,000. Steward Partners Investment Advisory LLC lifted its holdings in shares of Summit Therapeutics by 56.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock valued at $45,000 after acquiring an additional 900 shares during the period. Rakuten Securities Inc. acquired a new stake in shares of Summit Therapeutics in the 4th quarter valued at $71,000. Finally, Fred Alger Management LLC acquired a new stake in shares of Summit Therapeutics in the 3rd quarter valued at $105,000. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Stock Up 1.6 %

SMMT stock traded up $0.31 during midday trading on Friday, reaching $19.75. The stock had a trading volume of 3,298,112 shares, compared to its average volume of 3,410,347. Summit Therapeutics Inc. has a twelve month low of $2.10 and a twelve month high of $33.89. The firm has a market cap of $14.57 billion, a price-to-earnings ratio of -70.53 and a beta of -1.04. The business has a fifty day simple moving average of $20.25 and a two-hundred day simple moving average of $19.91.

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SMMT. Truist Financial assumed coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They set a "buy" rating and a $35.00 price target for the company. Evercore ISI initiated coverage on Summit Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 target price on the stock. StockNews.com raised Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Wednesday, March 5th. The Goldman Sachs Group started coverage on Summit Therapeutics in a research report on Friday, February 28th. They issued a "buy" rating and a $42.00 price objective for the company. Finally, HC Wainwright restated a "buy" rating and set a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, February 25th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $34.11.

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.