JPMorgan Chase & Co. reduced its stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 14.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 139,581 shares of the company's stock after selling 23,068 shares during the quarter. JPMorgan Chase & Co.'s holdings in Summit Therapeutics were worth $2,491,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock worth $208,261,000 after purchasing an additional 724,040 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Summit Therapeutics by 3.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,485,072 shares of the company's stock worth $26,501,000 after purchasing an additional 52,359 shares during the last quarter. abrdn plc lifted its stake in shares of Summit Therapeutics by 13.6% during the 4th quarter. abrdn plc now owns 1,290,425 shares of the company's stock worth $23,028,000 after purchasing an additional 154,139 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Summit Therapeutics by 33.7% during the 4th quarter. Bank of New York Mellon Corp now owns 333,510 shares of the company's stock worth $5,951,000 after purchasing an additional 84,117 shares during the last quarter. Finally, E Fund Management Co. Ltd. lifted its stake in shares of Summit Therapeutics by 5.4% during the 4th quarter. E Fund Management Co. Ltd. now owns 296,299 shares of the company's stock worth $5,287,000 after purchasing an additional 15,194 shares during the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
SMMT has been the topic of several recent analyst reports. Truist Financial initiated coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They set a "buy" rating and a $35.00 target price on the stock. Evercore ISI initiated coverage on Summit Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 target price on the stock. JMP Securities reaffirmed a "market outperform" rating and set a $40.00 target price on shares of Summit Therapeutics in a research report on Monday. The Goldman Sachs Group initiated coverage on Summit Therapeutics in a research report on Friday, February 28th. They set a "buy" rating and a $42.00 target price on the stock. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $37.50.
Read Our Latest Stock Analysis on SMMT
Summit Therapeutics Stock Down 2.0 %
Shares of SMMT traded down $0.49 during mid-day trading on Tuesday, reaching $23.62. The company had a trading volume of 4,221,113 shares, compared to its average volume of 3,830,407. Summit Therapeutics Inc. has a 52-week low of $2.10 and a 52-week high of $36.91. The stock has a market capitalization of $17.42 billion, a P/E ratio of -84.35 and a beta of -0.46. The stock has a 50 day moving average of $21.01 and a two-hundred day moving average of $20.20.
Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.08). The business had revenue of $0.20 million for the quarter. On average, sell-side analysts expect that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.
Summit Therapeutics Company Profile
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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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