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

Dimensional Fund Advisors LP raised its holdings in shares of 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 Securities and Exchange Commission. The firm owned 205,337 shares of the company's stock after purchasing an additional 160,592 shares during the period. Dimensional Fund Advisors LP's holdings in Summit Therapeutics were worth $3,664,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in SMMT. Franklin Resources Inc. acquired a new position in Summit Therapeutics during the 3rd quarter valued at about $2,091,000. SeaCrest Wealth Management LLC acquired a new position in Summit Therapeutics during the 4th quarter valued at about $444,000. Assenagon Asset Management S.A. acquired a new position in Summit Therapeutics during the 4th quarter valued at about $229,000. Avanza Fonder AB acquired a new position in Summit Therapeutics during the 4th quarter valued at about $115,000. Finally, Brooklyn Investment Group acquired a new position in Summit Therapeutics during the 4th quarter valued at about $29,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Stock Performance

NASDAQ SMMT traded up $0.14 during trading hours on Monday, reaching $24.01. 1,596,307 shares of the company's stock were exchanged, compared to its average volume of 3,882,500. The company's 50-day moving average is $22.57 and its two-hundred day moving average is $20.58. Summit Therapeutics Inc. has a one year low of $2.10 and a one year high of $36.91. The company has a market capitalization of $17.83 billion, a price-to-earnings ratio of -85.75 and a beta of -0.94.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Summit Redstone set a $35.00 price target on Summit Therapeutics in a research note on Wednesday, March 26th. TD Cowen upgraded shares of Summit Therapeutics to a "strong-buy" rating in a research report on Thursday, May 8th. HC Wainwright reiterated a "buy" rating and issued a $44.00 price target on shares of Summit Therapeutics in a research report on Monday, April 28th. StockNews.com upgraded shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Finally, JMP Securities reiterated a "market outperform" rating and issued a $40.00 price target on shares of Summit Therapeutics in a research 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 stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $37.40.

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.