Northern Trust Corp Has $15.55 Million Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Northern Trust Corp increased its stake in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 1.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 871,402 shares of the company's stock after buying an additional 14,075 shares during the quarter. Northern Trust Corp owned about 0.12% of Summit Therapeutics worth $15,550,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its position in Summit Therapeutics by 20.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company's stock valued at $116,995,000 after purchasing an additional 1,118,270 shares during the period. Vanguard Group Inc. increased its position in Summit Therapeutics by 6.6% in 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. Pictet Asset Management Holding SA boosted its stake in shares of Summit Therapeutics by 100.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock worth $24,755,000 after acquiring an additional 695,843 shares in the last quarter. Invesco Ltd. boosted its stake in Summit Therapeutics by 435.7% during the 4th quarter. Invesco Ltd. now owns 399,050 shares of the company's stock valued at $7,121,000 after purchasing an additional 324,555 shares during the period. Finally, Polymer Capital Management HK LTD bought a new stake in shares of Summit Therapeutics in the 4th quarter worth approximately $3,923,000. Institutional investors and hedge funds own 4.61% of the company's stock.

Summit Therapeutics Price Performance

Shares of SMMT stock traded down $0.31 during trading hours on Monday, reaching $23.56. 974,080 shares of the company's stock were exchanged, compared to its average volume of 3,880,143. Summit Therapeutics Inc. has a 1 year low of $2.10 and a 1 year high of $36.91. The company has a market cap of $17.50 billion, a P/E ratio of -83.75 and a beta of -0.94. The company's 50 day moving average is $22.49 and its two-hundred day moving average is $20.55.

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. As a group, analysts predict that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group boosted 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. Evercore ISI initiated coverage on Summit Therapeutics in a report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 price objective on the stock. HC Wainwright reiterated a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Monday, April 28th. Jefferies Financial Group set a $44.00 target price on Summit Therapeutics and gave the company a "buy" rating in a report on Friday, April 25th. Finally, Citigroup upgraded Summit Therapeutics from a "neutral" rating to a "buy" rating and upped their target price for the stock from $23.00 to $35.00 in a research note on Wednesday, March 26th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $37.40.

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.