Nuveen Asset Management LLC Lowers Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Nuveen Asset Management LLC reduced its position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 13.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 234,426 shares of the company's stock after selling 35,329 shares during the quarter. Nuveen Asset Management LLC's holdings in Summit Therapeutics were worth $4,183,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of SMMT. Price T Rowe Associates Inc. MD boosted its position in Summit Therapeutics by 20.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company's stock worth $116,995,000 after purchasing an additional 1,118,270 shares in the last quarter. Vanguard Group Inc. boosted its position in Summit Therapeutics by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock worth $208,261,000 after purchasing an additional 724,040 shares in the last quarter. Pictet Asset Management Holding SA boosted its position in Summit Therapeutics by 100.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock worth $24,755,000 after purchasing an additional 695,843 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in Summit Therapeutics during the fourth quarter worth approximately $8,801,000. Finally, Invesco Ltd. boosted its position in Summit Therapeutics by 435.7% during the fourth quarter. Invesco Ltd. now owns 399,050 shares of the company's stock worth $7,121,000 after purchasing an additional 324,555 shares in the last quarter. Hedge funds and other institutional investors own 4.61% of the company's stock.

Summit Therapeutics Trading Down 5.1%

NASDAQ:SMMT traded down $1.06 during trading hours on Wednesday, hitting $19.56. The company had a trading volume of 6,196,841 shares, compared to its average volume of 3,628,025. The company has a 50-day moving average of $23.38 and a 200 day moving average of $20.84. The company has a market cap of $14.53 billion, a P/E ratio of -69.85 and a beta of -0.94. Summit Therapeutics Inc. has a 1 year low of $6.78 and a 1 year high of $36.91.

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SMMT. Jefferies Financial Group set a $44.00 price target on Summit Therapeutics and gave the stock a "buy" rating in a research report on Friday, April 25th. HC Wainwright restated a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a research report on Monday, April 28th. Summit Redstone set a $35.00 target price on Summit Therapeutics in a research report on Wednesday, March 26th. JMP Securities restated a "market outperform" rating and issued a $40.00 target price on shares of Summit Therapeutics in a research report on Monday. Finally, The Goldman Sachs Group raised their target price on Summit Therapeutics from $37.00 to $41.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target 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.