GF Fund Management CO. LTD. Buys Shares of 16,905 Summit Therapeutics Inc. (NASDAQ:SMMT)

GF Fund Management CO. LTD. purchased a new stake in 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 institutional investor purchased 16,905 shares of the company's stock, valued at approximately $302,000.

A number of other hedge funds also recently made changes to their positions in the stock. National Bank of Canada FI bought a new position in Summit Therapeutics during the 4th quarter worth approximately $30,000. Steward Partners Investment Advisory LLC increased its position in shares of Summit Therapeutics by 56.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock worth $45,000 after buying an additional 900 shares during the period. Rakuten Securities Inc. bought a new position in Summit Therapeutics during the fourth quarter worth $71,000. Summit Investment Advisors Inc. lifted its holdings in Summit Therapeutics by 12.2% in the fourth quarter. Summit Investment Advisors Inc. now owns 9,621 shares of the company's stock valued at $172,000 after buying an additional 1,044 shares during the period. Finally, Verus Capital Partners LLC acquired a new position in Summit Therapeutics in the fourth quarter valued at $182,000. 4.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on SMMT. Summit Redstone set a $35.00 price objective on Summit Therapeutics in a research report on Wednesday, March 26th. Wall Street Zen upgraded Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Evercore ISI assumed coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price target on the stock. TD Cowen upgraded Summit Therapeutics to a "strong-buy" rating in a report on Thursday, May 8th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Summit Therapeutics currently has an average rating of "Buy" and a consensus target price of $37.40.

Summit Therapeutics Stock Performance

NASDAQ:SMMT traded down $7.78 during trading hours on Friday, reaching $18.43. The stock had a trading volume of 13,979,169 shares, compared to its average volume of 3,484,531. The stock has a 50 day simple moving average of $23.47 and a 200 day simple moving average of $20.85. Summit Therapeutics Inc. has a 12-month low of $2.30 and a 12-month high of $36.91. The stock has a market cap of $13.69 billion, a P/E ratio of -65.83 and a beta of -0.94.

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

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.