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

Hsbc Holdings PLC acquired a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 10,700 shares of the company's stock, valued at approximately $188,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of SMMT. Griffin Asset Management Inc. increased its position in Summit Therapeutics by 63.3% during the fourth quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company's stock worth $1,975,000 after acquiring an additional 42,900 shares during the period. SeaCrest Wealth Management LLC acquired a new stake in Summit Therapeutics in the 4th quarter worth $444,000. China Universal Asset Management Co. Ltd. grew its position in Summit Therapeutics by 12.2% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 156,366 shares of the company's stock worth $2,790,000 after purchasing an additional 17,014 shares during the last quarter. Wells Fargo & Company MN increased its holdings in shares of Summit Therapeutics by 79.2% during the 4th quarter. Wells Fargo & Company MN now owns 95,265 shares of the company's stock worth $1,700,000 after purchasing an additional 42,090 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of Summit Therapeutics by 252.8% during the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company's stock valued at $3,661,000 after buying an additional 147,003 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SMMT. The Goldman Sachs Group lifted their target price on Summit Therapeutics from $37.00 to $41.00 and gave the stock 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 stock a "buy" rating in a report on Friday, April 25th. HC Wainwright restated a "buy" rating and set a $44.00 price objective on shares of Summit Therapeutics in a research report on Monday, April 28th. TD Cowen raised Summit Therapeutics to a "strong-buy" rating in a research report on Thursday. Finally, StockNews.com lowered shares of Summit Therapeutics from a "hold" rating to a "sell" rating in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $37.40.

Summit Therapeutics Stock Performance

Shares of NASDAQ SMMT opened at $23.96 on Monday. Summit Therapeutics Inc. has a 52-week low of $2.10 and a 52-week high of $36.91. The business has a fifty day moving average of $21.95 and a two-hundred day moving average of $20.43. The stock has a market cap of $17.79 billion, a PE ratio of -85.57 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, topping analysts' consensus estimates of ($0.10) by $0.01. Analysts predict that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

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.

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