Bank of America Corp DE boosted its stake in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 10.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 431,568 shares of the company's stock after acquiring an additional 40,908 shares during the period. Bank of America Corp DE owned 0.06% of Summit Therapeutics worth $7,701,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in SMMT. Price T Rowe Associates Inc. MD grew its position in shares of 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 acquiring an additional 1,118,270 shares during the last quarter. Vanguard Group Inc. grew its position in shares of 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 acquiring an additional 724,040 shares during the last quarter. Pictet Asset Management Holding SA lifted its holdings in Summit Therapeutics by 100.6% in 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 during the period. BNP Paribas Financial Markets acquired a new stake in Summit Therapeutics in the fourth quarter worth about $8,801,000. Finally, Invesco Ltd. lifted its holdings in Summit Therapeutics by 435.7% in 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 during the period. 4.61% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on SMMT shares. Wall Street Zen raised shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Summit Redstone set a $35.00 price target on Summit Therapeutics in a report on Wednesday, March 26th. JMP Securities reiterated a "market outperform" rating and set a $40.00 price target on shares of Summit Therapeutics in a report on Monday, April 28th. Jefferies Financial Group set a $44.00 price objective on shares of Summit Therapeutics and gave the stock a "buy" rating in a research note on Friday, April 25th. Finally, Evercore ISI began coverage on shares of Summit Therapeutics in a research note on Wednesday, March 12th. They set an "outperform" rating and a $30.00 price target on the stock. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $37.40.
Read Our Latest Research Report on SMMT
Summit Therapeutics Stock Performance
Shares of NASDAQ:SMMT traded down $6.81 during midday trading on Friday, hitting $19.40. 7,790,913 shares of the stock were exchanged, compared to its average volume of 3,826,849. Summit Therapeutics Inc. has a 12 month low of $2.64 and a 12 month high of $36.91. The business's 50-day moving average price is $23.47 and its 200 day moving average price is $20.85. The stock has a market capitalization of $14.41 billion, a price-to-earnings ratio of -69.42 and a beta of -0.94.
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 analysts' consensus estimates of ($0.10) by $0.01. As a group, sell-side analysts expect that Summit Therapeutics Inc. will post -0.3 EPS for the current year.
About Summit Therapeutics
(
Free Report)
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.
See Also
Before you consider Summit Therapeutics, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Summit Therapeutics wasn't on the list.
While Summit Therapeutics currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Today, we are inviting you to take a free peek at our proprietary, exclusive, and up-to-the-minute list of 20 stocks that Wall Street's top analysts hate.
Many of these appear to have good fundamentals and might seem like okay investments, but something is wrong. Analysts smell something seriously rotten about these companies. These are true "Strong Sell" stocks.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
