Wells Fargo & Company MN Raises Stock Holdings in Summit Therapeutics Inc. (NASDAQ:SMMT)

Wells Fargo & Company MN increased its stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 79.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 95,265 shares of the company's stock after purchasing an additional 42,090 shares during the quarter. Wells Fargo & Company MN's holdings in Summit Therapeutics were worth $1,700,000 as of its most recent filing with the Securities and Exchange Commission.

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

Wall Street Analyst Weigh In

SMMT has been the subject of a number of recent analyst reports. Jefferies Financial Group set a $44.00 target price on shares of Summit Therapeutics and gave the company a "buy" rating in a report on Friday. Citigroup raised shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $23.00 to $35.00 in a research note on Wednesday, March 26th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Summit Therapeutics in a research report on Wednesday. Truist Financial assumed coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They set a "buy" rating and a $35.00 price target for the company. Finally, StockNews.com upgraded Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $36.70.

Summit Therapeutics Price Performance

Shares of SMMT opened at $23.47 on Friday. Summit Therapeutics Inc. has a 12 month low of $2.10 and a 12 month high of $36.91. The stock's 50-day moving average is $20.95 and its two-hundred day moving average is $20.14. The stock has a market cap of $17.31 billion, a PE ratio of -83.82 and a beta of -0.46.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings results on Monday, February 24th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $0.20 million for the quarter. On average, research analysts anticipate that Summit Therapeutics Inc. will post -0.3 earnings per share 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.

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