Rock Springs Capital Management LP Purchases 14,000 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Rock Springs Capital Management LP raised its stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 1.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,054,000 shares of the company's stock after purchasing an additional 14,000 shares during the period. Rock Springs Capital Management LP owned 0.14% of Summit Therapeutics worth $18,809,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

SMMT has been the subject of a number of recent analyst reports. The Goldman Sachs Group initiated coverage on Summit Therapeutics in a report on Friday, February 28th. They set a "buy" rating and a $42.00 price target for the company. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Summit Therapeutics in a research note on Wednesday. Citigroup raised 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. StockNews.com raised shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Wednesday, March 5th. Finally, Truist Financial assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They set a "buy" rating and a $35.00 target price on the stock. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $36.70.

Summit Therapeutics Trading Down 36.0 %

Shares of SMMT traded down $13.23 during trading hours on Friday, reaching $23.47. The stock had a trading volume of 24,583,288 shares, compared to its average volume of 3,772,462. The company has a market capitalization of $17.31 billion, a price-to-earnings ratio of -83.82 and a beta of -0.46. The firm has a 50-day simple moving average of $20.95 and a 200 day simple moving average of $20.13. Summit Therapeutics Inc. has a 12 month low of $2.10 and a 12 month high of $36.91.

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

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.