Summit Therapeutics Inc. (NASDAQ:SMMT) Shares Sold by Nuveen Asset Management LLC

Nuveen Asset Management LLC cut its stake in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 13.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Steward Partners Investment Advisory LLC increased its stake in shares of Summit Therapeutics by 56.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock valued at $45,000 after purchasing an additional 900 shares in the last quarter. Summit Investment Advisors Inc. increased its position in shares of 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 in the last quarter. CIBC Asset Management Inc raised its stake in shares of Summit Therapeutics by 5.5% during the 4th quarter. CIBC Asset Management Inc now owns 21,577 shares of the company's stock worth $385,000 after buying an additional 1,132 shares during the period. National Bank of Canada FI acquired a new position in shares of Summit Therapeutics during the 4th quarter worth approximately $30,000. Finally, MetLife Investment Management LLC lifted its position in shares of Summit Therapeutics by 7.7% during the 4th quarter. MetLife Investment Management LLC now owns 55,406 shares of the company's stock valued at $989,000 after buying an additional 3,981 shares in the last quarter. Hedge funds and other institutional investors own 4.61% of the company's stock.

Summit Therapeutics Stock Down 5.8%

NASDAQ:SMMT traded down $1.19 on Wednesday, hitting $19.43. The stock had a trading volume of 2,073,566 shares, compared to its average volume of 3,630,454. The company has a fifty day moving average price of $23.40 and a two-hundred day moving average price of $20.85. Summit Therapeutics Inc. has a 1-year low of $6.78 and a 1-year high of $36.91. The stock has a market cap of $14.43 billion, a price-to-earnings ratio of -69.17 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, beating analysts' consensus estimates of ($0.10) by $0.01. As a group, analysts anticipate that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Analysts Set New Price Targets

SMMT has been the subject of a number of research analyst reports. The Goldman Sachs Group increased their target price on Summit Therapeutics from $37.00 to $41.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. JMP Securities restated a "market outperform" rating and issued a $40.00 price objective on shares of Summit Therapeutics in a report on Monday. TD Cowen raised shares of Summit Therapeutics to a "strong-buy" rating in a research note on Thursday, May 8th. Finally, 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 target price for the company. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $37.40.

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.