Dimensional Fund Advisors LP Purchases 160,592 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Dimensional Fund Advisors LP boosted its position in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 358.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 205,337 shares of the company's stock after buying an additional 160,592 shares during the quarter. Dimensional Fund Advisors LP's holdings in Summit Therapeutics were worth $3,664,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of SMMT. Vanguard Group Inc. increased its stake in Summit Therapeutics by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock valued at $208,261,000 after buying an additional 724,040 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Summit Therapeutics by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company's stock worth $57,133,000 after purchasing an additional 101,039 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of 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 last quarter. Pictet Asset Management Holding SA boosted its holdings in shares of Summit Therapeutics by 100.6% in 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 buying an additional 695,843 shares during the last quarter. Finally, abrdn plc boosted its holdings in shares of Summit Therapeutics by 13.6% in the 4th 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 last quarter. Institutional investors and hedge funds own 4.61% of the company's stock.

Analyst Upgrades and Downgrades

SMMT has been the subject of several recent analyst reports. Evercore ISI started coverage on Summit Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price objective for the company. Cantor Fitzgerald restated an "overweight" rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. Summit Redstone set a $35.00 price objective on shares of Summit Therapeutics in a research note on Wednesday, March 26th. HC Wainwright restated a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday, April 28th. Finally, JMP Securities reissued a "market outperform" rating and set a $40.00 target price on shares of Summit Therapeutics in a report on Monday, April 28th. 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 company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $37.40.

Summit Therapeutics Price Performance

NASDAQ:SMMT traded up $0.78 during trading hours on Friday, reaching $23.87. 1,650,699 shares of the company were exchanged, compared to its average volume of 3,880,827. The company has a market capitalization of $17.73 billion, a P/E ratio of -85.25 and a beta of -0.94. Summit Therapeutics Inc. has a 1-year low of $2.10 and a 1-year high of $36.91. The business has a 50 day moving average of $22.49 and a 200 day moving average of $20.52.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. As a group, equities research analysts anticipate that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal 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.