Vanguard Group Inc. Has $208.26 Million Stock Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Vanguard Group Inc. lifted its position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 6.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,670,576 shares of the company's stock after buying an additional 724,040 shares during the quarter. Vanguard Group Inc. owned about 1.58% of Summit Therapeutics worth $208,261,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Griffin Asset Management Inc. increased its position in Summit Therapeutics by 63.3% during the fourth quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company's stock worth $1,975,000 after acquiring an additional 42,900 shares during the period. SeaCrest Wealth Management LLC bought a new position in shares of Summit Therapeutics during the fourth quarter worth approximately $444,000. China Universal Asset Management Co. Ltd. increased its holdings in shares of Summit Therapeutics by 12.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 156,366 shares of the company's stock worth $2,790,000 after purchasing an additional 17,014 shares during the period. Principal Financial Group Inc. raised its position in shares of Summit Therapeutics by 252.8% in the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company's stock valued at $3,661,000 after buying an additional 147,003 shares in the last quarter. Finally, Franklin Resources Inc. bought a new stake in shares of Summit Therapeutics in the third quarter valued at approximately $2,091,000. Institutional investors own 4.61% of the company's stock.

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Wall Street Analysts Forecast Growth

SMMT has been the subject of a number of recent analyst reports. StockNews.com upgraded Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Wednesday, March 5th. Citigroup raised shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $23.00 to $35.00 in a research report on Wednesday, March 26th. HC Wainwright reissued a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, February 25th. Summit Redstone set a $35.00 price target on shares of Summit Therapeutics in a report on Wednesday, March 26th. Finally, The Goldman Sachs Group assumed coverage on shares of Summit Therapeutics in a research report on Friday, February 28th. They set a "buy" rating and a $42.00 price target on the stock. One equities research 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 currently has an average rating of "Moderate Buy" and an average target price of $35.40.

Summit Therapeutics Stock Performance

Shares of NASDAQ:SMMT traded up $1.92 during midday trading on Thursday, hitting $20.15. 8,475,085 shares of the stock were exchanged, compared to its average volume of 3,493,607. The business's 50-day moving average price is $19.64 and its 200 day moving average price is $19.65. The stock has a market capitalization of $14.86 billion, a price-to-earnings ratio of -71.96 and a beta of -0.46. Summit Therapeutics Inc. has a 12 month low of $2.10 and a 12 month high of $33.89.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). The business had revenue of $0.20 million during the quarter. As a group, sell-side analysts expect that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

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.