World Equity Group Inc. increased its position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 94.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,834 shares of the company's stock after purchasing an additional 13,992 shares during the period. World Equity Group Inc.'s holdings in Summit Therapeutics were worth $515,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Darwin Wealth Management LLC acquired a new position in Summit Therapeutics in the third quarter valued at $25,000. Covestor Ltd boosted its stake in Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company's stock valued at $27,000 after acquiring an additional 1,190 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of Summit Therapeutics in the fourth quarter valued at about $29,000. Fred Alger Management LLC purchased a new stake in shares of Summit Therapeutics in the third quarter valued at about $105,000. Finally, Avanza Fonder AB purchased a new stake in shares of Summit Therapeutics in the fourth quarter valued at about $115,000. Institutional investors and hedge funds own 4.61% of the company's stock.
Summit Therapeutics Price Performance
Summit Therapeutics stock traded up $0.19 during mid-day trading on Thursday, reaching $18.49. The company had a trading volume of 2,200,069 shares, compared to its average volume of 2,497,372. Summit Therapeutics Inc. has a 1 year low of $2.10 and a 1 year high of $33.89. The company has a market capitalization of $13.64 billion, a P/E ratio of -66.03 and a beta of -0.88. The stock's 50-day simple moving average is $19.93 and its 200-day simple moving average is $19.19.
Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.08). The company had revenue of $0.20 million during the quarter. On average, equities analysts forecast that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.
Analysts Set New Price Targets
A number of equities research analysts have recently commented on SMMT shares. StockNews.com cut shares of Summit Therapeutics from a "hold" rating to a "sell" rating in a report on Tuesday. JMP Securities started coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They issued a "market outperform" rating and a $32.00 target price for the company. Wells Fargo & Company started coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They issued an "overweight" rating and a $30.00 target price for the company. HC Wainwright reaffirmed a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday. Finally, Truist Financial began coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They set a "buy" rating and a $35.00 price target for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $33.57.
Get Our Latest Stock Analysis on Summit Therapeutics
About Summit Therapeutics
(
Free Report)
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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