Five Pine Wealth Management cut its holdings in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 54.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,588 shares of the company's stock after selling 16,158 shares during the quarter. Five Pine Wealth Management's holdings in Summit Therapeutics were worth $262,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in SMMT. Wells Fargo & Company MN increased its position in shares of Summit Therapeutics by 79.2% during the fourth quarter. Wells Fargo & Company MN now owns 95,265 shares of the company's stock worth $1,700,000 after acquiring an additional 42,090 shares during the period. Principal Financial Group Inc. boosted its holdings in Summit Therapeutics by 252.8% in the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company's stock valued at $3,661,000 after purchasing an additional 147,003 shares during the period. Dimensional Fund Advisors LP grew its stake in Summit Therapeutics by 358.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company's stock worth $3,664,000 after purchasing an additional 160,592 shares in the last quarter. Bank of America Corp DE increased its holdings in Summit Therapeutics by 10.5% during the 4th quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock worth $7,701,000 after purchasing an additional 40,908 shares during the period. Finally, Vanguard Group Inc. raised its position in Summit Therapeutics by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock valued at $208,261,000 after purchasing an additional 724,040 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.
Summit Therapeutics Trading Up 1.6%
Shares of Summit Therapeutics stock opened at $20.16 on Friday. The company has a fifty day simple moving average of $23.81 and a 200-day simple moving average of $20.95. The stock has a market cap of $14.97 billion, a price-to-earnings ratio of -59.29 and a beta of -1.06. Summit Therapeutics PLC has a 12-month low of $6.78 and a 12-month high of $36.91.
Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, beating analysts' consensus estimates of ($0.10) by $0.01. On average, analysts forecast that Summit Therapeutics PLC will post -0.3 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of brokerages have recently commented on SMMT. Summit Redstone set a $35.00 price objective on Summit Therapeutics in a research report on Wednesday, March 26th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. Citigroup upgraded shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $23.00 to $35.00 in a report on Wednesday, March 26th. HC Wainwright reissued a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research report on Monday, April 28th. Finally, Jefferies Financial Group set a $44.00 price objective on shares of Summit Therapeutics and gave the company a "buy" rating in a report on Friday, April 25th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $35.09.
Get Our Latest Analysis on SMMT
Summit Therapeutics Company Profile
(
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.
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