China Universal Asset Management Co. Ltd. Acquires 17,014 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

China Universal Asset Management Co. Ltd. increased its position in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 12.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 156,366 shares of the company's stock after purchasing an additional 17,014 shares during the quarter. China Universal Asset Management Co. Ltd.'s holdings in Summit Therapeutics were worth $2,790,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of SMMT. Five Pine Wealth Management bought a new position in Summit Therapeutics during the 4th quarter worth about $531,000. Griffin Asset Management Inc. boosted its stake in shares of Summit Therapeutics by 63.3% during the 4th 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. Janney Montgomery Scott LLC lifted its holdings in Summit Therapeutics by 39.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 15,716 shares of the company's stock valued at $280,000 after purchasing an additional 4,443 shares during the last quarter. Wealth Management Partners LLC boosted its holdings in shares of Summit Therapeutics by 10.2% during the 4th quarter. Wealth Management Partners LLC now owns 97,383 shares of the company's stock worth $1,738,000 after buying an additional 9,000 shares during the period. Finally, Brooklyn Investment Group bought a new position in shares of Summit Therapeutics during the fourth quarter worth approximately $29,000. Institutional investors own 4.61% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Truist Financial started coverage on Summit Therapeutics in a report on Wednesday, January 8th. They issued a "buy" rating and a $35.00 price objective for the company. JMP Securities assumed coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They issued a "market outperform" rating and a $32.00 price objective for the company. Jefferies Financial Group initiated coverage on Summit Therapeutics in a research note on Friday, December 6th. They issued a "buy" rating and a $31.00 price objective on the stock. Wells Fargo & Company started coverage on Summit Therapeutics in a research note on Wednesday, December 11th. They set an "overweight" rating and a $30.00 target price for the company. Finally, HC Wainwright reissued a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, January 21st. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Summit Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $33.57.

Summit Therapeutics Trading Up 0.8 %

Shares of NASDAQ:SMMT traded up $0.16 during mid-day trading on Wednesday, reaching $20.78. The company had a trading volume of 929,962 shares, compared to its average volume of 2,386,481. Summit Therapeutics Inc. has a one year low of $2.10 and a one year high of $33.89. The company's 50-day moving average price is $19.19 and its 200-day moving average price is $18.11. The firm has a market cap of $15.32 billion, a price-to-earnings ratio of -74.05 and a beta of -0.88.

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.