Price T Rowe Associates Inc. MD Has $117 Million Stake in Summit Therapeutics Inc. (NASDAQ:SMMT)

Price T Rowe Associates Inc. MD boosted its stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 20.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,557,927 shares of the company's stock after acquiring an additional 1,118,270 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 0.89% of Summit Therapeutics worth $116,995,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SMMT. Brooklyn Investment Group bought a new position in Summit Therapeutics in the 4th quarter worth approximately $29,000. National Bank of Canada FI bought a new stake in shares of Summit Therapeutics during the fourth quarter worth $30,000. Steward Partners Investment Advisory LLC lifted its stake in shares of Summit Therapeutics by 56.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock valued at $45,000 after acquiring an additional 900 shares during the period. Rakuten Securities Inc. bought a new position in Summit Therapeutics in the fourth quarter valued at about $71,000. Finally, Avanza Fonder AB acquired a new stake in Summit Therapeutics in the fourth quarter worth about $115,000. Institutional investors and hedge funds own 4.61% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. The Goldman Sachs Group began coverage on shares of Summit Therapeutics in a research note on Friday, February 28th. They issued a "buy" rating and a $42.00 target price on the stock. Evercore ISI initiated coverage on shares of Summit Therapeutics in a report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 target price for the company. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. Summit Redstone set a $35.00 price objective on Summit Therapeutics in a research note on Wednesday, March 26th. Finally, StockNews.com raised Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $37.50.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock traded up $0.50 on Wednesday, hitting $24.12. The company had a trading volume of 4,372,397 shares, compared to its average volume of 3,840,954. Summit Therapeutics Inc. has a twelve month low of $2.10 and a twelve month high of $36.91. The stock has a 50-day moving average of $21.01 and a 200-day moving average of $20.20. The firm has a market capitalization of $17.79 billion, a P/E ratio of -86.14 and a beta of -0.46.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its 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 firm had revenue of $0.20 million for the quarter. Equities analysts predict that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

About Summit Therapeutics

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.