Ameriprise Financial Inc. Makes New Investment in Summit Therapeutics Inc. (NASDAQ:SMMT)

Ameriprise Financial Inc. purchased a new stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 22,735 shares of the company's stock, valued at approximately $406,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of SMMT. Boxer Capital Management LLC bought a new position in shares of Summit Therapeutics during the 4th quarter valued at approximately $4,461,000. Northern Trust Corp raised its position in shares of Summit Therapeutics by 1.6% during the 4th quarter. Northern Trust Corp now owns 871,402 shares of the company's stock valued at $15,550,000 after purchasing an additional 14,075 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Summit Therapeutics by 61.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 476,814 shares of the company's stock valued at $8,509,000 after buying an additional 181,185 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in Summit Therapeutics in the 4th quarter worth $1,202,000. Finally, Three Seasons Wealth LLC purchased a new stake in Summit Therapeutics in the 4th quarter worth $230,000. Hedge funds and other institutional investors own 4.61% of the company's stock.

Analysts Set New Price Targets

SMMT has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped their price objective on Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Evercore ISI began coverage on shares of Summit Therapeutics in a report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 price objective for the company. Citigroup upgraded shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $23.00 to $35.00 in a research report on Wednesday, March 26th. Jefferies Financial Group set a $44.00 target price on shares of Summit Therapeutics and gave the stock a "buy" rating in a research report on Friday, April 25th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a report on Wednesday, April 23rd. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Summit Therapeutics presently has an average rating of "Buy" and an average price target of $37.40.

Summit Therapeutics Stock Up 4.4%

Summit Therapeutics stock traded up $0.86 during mid-day trading on Friday, reaching $20.59. 3,909,334 shares of the company's stock traded hands, compared to its average volume of 3,621,334. Summit Therapeutics Inc. has a 12-month low of $6.78 and a 12-month high of $36.91. The company has a market cap of $15.29 billion, a price-to-earnings ratio of -73.53 and a beta of -1.06. The stock has a 50 day moving average of $23.39 and a two-hundred day moving average of $20.84.

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