26,641 Shares in Summit Therapeutics Inc. (NASDAQ:SMMT) Purchased by Tema Etfs LLC

Tema Etfs LLC purchased a new position in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 26,641 shares of the company's stock, valued at approximately $475,000.

Several other hedge funds have also recently modified their holdings of SMMT. Price T Rowe Associates Inc. MD raised its stake in shares of Summit Therapeutics by 20.6% in 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 during the last quarter. Vanguard Group Inc. increased 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 valued at $208,261,000 after acquiring an additional 724,040 shares during the last quarter. Pictet Asset Management Holding SA increased 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 valued at $24,755,000 after acquiring an additional 695,843 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in Summit Therapeutics during the fourth quarter valued at $8,801,000. Finally, Invesco Ltd. increased its position in Summit Therapeutics by 435.7% during the fourth quarter. Invesco Ltd. now owns 399,050 shares of the company's stock valued at $7,121,000 after acquiring an additional 324,555 shares during the last quarter. Hedge funds and other institutional investors own 4.61% of the company's stock.

Summit Therapeutics Stock Up 1.6%

SMMT traded up $0.38 during midday trading on Tuesday, reaching $24.39. The company had a trading volume of 1,836,456 shares, compared to its average volume of 3,886,007. The business has a 50-day moving average of $22.67 and a two-hundred day moving average of $20.61. The company has a market cap of $18.11 billion, a P/E ratio of -87.10 and a beta of -0.94. Summit Therapeutics Inc. has a 1 year low of $2.10 and a 1 year high of $36.91.

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

Analyst Ratings Changes

A number of analysts recently commented on SMMT shares. StockNews.com upgraded Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. Evercore ISI started coverage on Summit Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 price objective for the company. The Goldman Sachs Group upped their price objective on Summit Therapeutics from $37.00 to $41.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Jefferies Financial Group set a $44.00 price objective on Summit Therapeutics and gave the company a "buy" rating in a research report on Friday, April 25th. Finally, Citigroup upgraded Summit Therapeutics from a "neutral" rating to a "buy" rating and upped their price target for the stock from $23.00 to $35.00 in a research report on Wednesday, March 26th. One 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 stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $37.40.

About Summit Therapeutics

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.