Charles Schwab Investment Management Inc. Buys 52,359 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Charles Schwab Investment Management Inc. increased its stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 3.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,485,072 shares of the company's stock after acquiring an additional 52,359 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.20% of Summit Therapeutics worth $26,501,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. CIBC Asset Management Inc increased its stake in Summit Therapeutics by 3.8% during the third quarter. CIBC Asset Management Inc now owns 20,445 shares of the company's stock valued at $448,000 after acquiring an additional 740 shares during the period. Steward Partners Investment Advisory LLC lifted its position in Summit Therapeutics by 56.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock worth $45,000 after purchasing an additional 900 shares during the period. Darwin Wealth Management LLC acquired a new stake in Summit Therapeutics during the third quarter worth $25,000. Brooklyn Investment Group bought a new stake in Summit Therapeutics in the 4th quarter valued at $29,000. Finally, Janney Montgomery Scott LLC raised its stake in shares of Summit Therapeutics by 39.4% in the 4th quarter. Janney Montgomery Scott LLC now owns 15,716 shares of the company's stock valued at $280,000 after buying an additional 4,443 shares in the last quarter. Institutional investors own 4.61% of the company's stock.

Summit Therapeutics Stock Up 1.5 %

NASDAQ:SMMT traded up $0.29 during trading hours on Friday, hitting $19.73. 1,759,912 shares of the stock were exchanged, compared to its average volume of 3,410,315. The company has a market capitalization of $14.56 billion, a P/E ratio of -70.47 and a beta of -1.04. The company's 50 day moving average is $20.25 and its two-hundred day moving average is $19.91. Summit Therapeutics Inc. has a twelve month low of $2.10 and a twelve month high of $33.89.

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Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings data on Monday, February 24th. The company reported ($0.08) EPS for the quarter, hitting analysts' consensus estimates of ($0.08). The firm had revenue of $0.20 million during the quarter. On average, equities research analysts expect that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on SMMT shares. Cantor Fitzgerald began coverage on shares of Summit Therapeutics in a research report on Friday. They set an "overweight" rating on the stock. The Goldman Sachs Group started coverage on Summit Therapeutics in a research note on Friday, February 28th. They issued a "buy" rating and a $42.00 price objective on the stock. Jefferies Financial Group initiated coverage on Summit Therapeutics in a report on Friday, December 6th. They issued a "buy" rating and a $31.00 target price for the company. HC Wainwright reiterated a "buy" rating and issued a $44.00 price target on shares of Summit Therapeutics in a research report on Tuesday, February 25th. Finally, Wells Fargo & Company initiated coverage on Summit Therapeutics in a research note on Wednesday, December 11th. They set an "overweight" rating and a $30.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $34.11.

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.