BNP Paribas Financial Markets Buys Shares of 493,189 Summit Therapeutics Inc. (NASDAQ:SMMT)

BNP Paribas Financial Markets acquired a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 493,189 shares of the company's stock, valued at approximately $8,801,000. BNP Paribas Financial Markets owned 0.07% of Summit Therapeutics at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of SMMT. Franklin Resources Inc. acquired a new position in Summit Therapeutics during the third quarter valued at approximately $2,091,000. SeaCrest Wealth Management LLC acquired a new stake in shares of Summit Therapeutics in the fourth quarter valued at approximately $444,000. Assenagon Asset Management S.A. acquired a new stake in shares of Summit Therapeutics in the fourth quarter valued at approximately $229,000. Avanza Fonder AB acquired a new stake in shares of Summit Therapeutics in the fourth quarter valued at approximately $115,000. Finally, Brooklyn Investment Group acquired a new stake in shares of Summit Therapeutics in the fourth quarter valued at approximately $29,000. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Price Performance

Summit Therapeutics stock traded up $0.78 during mid-day trading on Friday, reaching $23.87. 1,650,699 shares of the company were exchanged, compared to its average volume of 3,891,670. The company has a fifty day simple moving average of $22.49 and a 200-day simple moving average of $20.54. Summit Therapeutics Inc. has a 12 month low of $2.10 and a 12 month high of $36.91. The firm has a market cap of $17.73 billion, a PE ratio of -85.25 and a beta of -0.94.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. Sell-side analysts anticipate that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

SMMT has been the subject of a number of recent analyst reports. Jefferies Financial Group set a $44.00 price objective on Summit Therapeutics and gave the company a "buy" rating in a research report on Friday, April 25th. JMP Securities reaffirmed a "market outperform" rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research report on Monday, April 28th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. Citigroup raised Summit Therapeutics from a "neutral" rating to a "buy" rating and raised their price objective for the company from $23.00 to $35.00 in a research report on Wednesday, March 26th. Finally, TD Cowen raised Summit Therapeutics to a "strong-buy" rating in a research report on Thursday, May 8th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $37.40.

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.