Summit Therapeutics Inc. (NASDAQ:SMMT) Shares Acquired by Invesco Ltd.

Invesco Ltd. increased its position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 435.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 399,050 shares of the company's stock after buying an additional 324,555 shares during the period. Invesco Ltd. owned about 0.05% of Summit Therapeutics worth $7,121,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in SMMT. Vanguard Group Inc. increased its position in Summit Therapeutics by 6.6% during 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 during the period. Geode Capital Management LLC increased its holdings in Summit Therapeutics by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company's stock valued at $57,133,000 after buying an additional 101,039 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Summit Therapeutics by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,485,072 shares of the company's stock worth $26,501,000 after buying an additional 52,359 shares in the last quarter. Pictet Asset Management Holding SA lifted its holdings 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 worth $24,755,000 after buying an additional 695,843 shares during the period. Finally, abrdn plc lifted its holdings in Summit Therapeutics by 13.6% during the fourth quarter. abrdn plc now owns 1,290,425 shares of the company's stock worth $23,028,000 after buying an additional 154,139 shares during the period. 4.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SMMT. StockNews.com upgraded Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. Evercore ISI initiated coverage on shares of Summit Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 target price for the company. Truist Financial started coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They issued a "buy" rating and a $35.00 price target on the stock. Summit Redstone set a $35.00 price objective on Summit Therapeutics in a report on Wednesday, March 26th. Finally, HC Wainwright restated a "buy" rating and set a $44.00 target price on shares of Summit Therapeutics in a research note on Monday. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $37.50.

Summit Therapeutics Price Performance

NASDAQ:SMMT traded up $0.50 during midday trading on Wednesday, hitting $24.12. The company's stock had a trading volume of 4,372,397 shares, compared to its average volume of 3,840,955. Summit Therapeutics Inc. has a fifty-two week low of $2.10 and a fifty-two week high of $36.91. The firm has a market cap of $17.79 billion, a P/E ratio of -86.14 and a beta of -0.46. The firm's 50 day moving average is $21.05 and its 200-day moving average is $20.23.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.08). The business had revenue of $0.20 million during the quarter. As a group, analysts forecast that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

Summit Therapeutics 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.