Hsbc Holdings PLC Invests $188,000 in Summit Therapeutics Inc. (NASDAQ:SMMT)

Hsbc Holdings PLC acquired a new stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 10,700 shares of the company's stock, valued at approximately $188,000.

A number of other hedge funds also recently made changes to their positions in SMMT. Franklin Resources Inc. purchased a new position in Summit Therapeutics in the third quarter worth about $2,091,000. SeaCrest Wealth Management LLC purchased a new position in shares of Summit Therapeutics in the 4th quarter worth approximately $444,000. Assenagon Asset Management S.A. purchased a new position in shares of Summit Therapeutics in the 4th quarter worth approximately $229,000. Avanza Fonder AB purchased a new stake in Summit Therapeutics during the 4th quarter valued at $115,000. Finally, Brooklyn Investment Group bought a new stake in Summit Therapeutics in the fourth quarter worth $29,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Trading Up 0.3%

Shares of NASDAQ SMMT traded up $0.08 during trading hours on Friday, reaching $23.17. The stock had a trading volume of 504,103 shares, compared to its average volume of 3,460,719. Summit Therapeutics Inc. has a 52-week low of $2.10 and a 52-week high of $36.91. The business's fifty day moving average price is $22.38 and its two-hundred day moving average price is $20.51. The firm has a market cap of $17.20 billion, a price-to-earnings ratio of -82.74 and a beta of -0.94.

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

Wall Street Analysts Forecast Growth

SMMT has been the topic of a number of analyst reports. Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. Jefferies Financial Group set a $44.00 price target on shares of Summit Therapeutics and gave the company a "buy" rating in a report on Friday, April 25th. The Goldman Sachs Group raised their price objective on shares of Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. JMP Securities restated a "market outperform" rating and set a $40.00 target price on shares of Summit Therapeutics in a research report on Monday, April 28th. Finally, Citigroup upgraded Summit Therapeutics from a "neutral" rating to a "buy" rating and increased their price target for the stock from $23.00 to $35.00 in a report on Wednesday, March 26th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target 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.