Ameriprise Financial Inc. Acquires New Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Ameriprise Financial Inc. bought a new stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 22,735 shares of the company's stock, valued at approximately $406,000.

Other hedge funds have also recently modified their holdings of the company. National Bank of Canada FI bought a new stake in shares of Summit Therapeutics during the 4th quarter valued at $30,000. Steward Partners Investment Advisory LLC boosted its stake in Summit Therapeutics by 56.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock worth $45,000 after purchasing an additional 900 shares in the last quarter. Rakuten Securities Inc. bought a new position in Summit Therapeutics in the 4th quarter worth about $71,000. Summit Investment Advisors Inc. boosted its stake in Summit Therapeutics by 12.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 9,621 shares of the company's stock worth $172,000 after purchasing an additional 1,044 shares in the last quarter. Finally, Verus Capital Partners LLC bought a new position in Summit Therapeutics in the 4th quarter worth about $182,000. Institutional investors own 4.61% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Evercore ISI assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price target on the stock. Wall Street Zen upgraded shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Summit Redstone set a $35.00 price target on shares of Summit Therapeutics in a research note on Wednesday, March 26th. JMP Securities reiterated a "market outperform" rating and issued a $40.00 price target on shares of Summit Therapeutics in a research note on Monday, June 2nd. Finally, HC Wainwright reiterated a "buy" rating and issued a $44.00 price target on shares of Summit Therapeutics in a research note on Monday, April 28th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $37.40.

Summit Therapeutics Trading Up 4.4%

NASDAQ:SMMT traded up $0.86 during mid-day trading on Friday, reaching $20.59. The company's stock had a trading volume of 3,909,393 shares, compared to its average volume of 3,624,749. Summit Therapeutics Inc. has a 12-month low of $6.78 and a 12-month high of $36.91. The stock has a market cap of $15.29 billion, a P/E ratio of -73.53 and a beta of -1.06. The firm's fifty day moving average price is $23.43 and its two-hundred day moving average price is $20.88.

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

About Summit Therapeutics

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.