Summit Therapeutics Inc. (NASDAQ:SMMT) Stock Holdings Lessened by Balyasny Asset Management L.P.

Balyasny Asset Management L.P. decreased its holdings in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 10.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 387,242 shares of the company's stock after selling 43,934 shares during the period. Balyasny Asset Management L.P. owned approximately 0.05% of Summit Therapeutics worth $6,910,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SMMT. Price T Rowe Associates Inc. MD lifted its position in shares of 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 acquiring an additional 1,118,270 shares during the period. Vanguard Group Inc. lifted its stake in Summit Therapeutics by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock valued at $208,261,000 after buying an additional 724,040 shares in the last quarter. Pictet Asset Management Holding SA lifted its stake in Summit Therapeutics by 100.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock valued at $24,755,000 after buying an additional 695,843 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in Summit Therapeutics in the 4th quarter valued at approximately $8,801,000. Finally, Invesco Ltd. lifted its stake in Summit Therapeutics by 435.7% in the 4th quarter. Invesco Ltd. now owns 399,050 shares of the company's stock valued at $7,121,000 after buying an additional 324,555 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company's stock.

Summit Therapeutics Trading Down 2.6%

NASDAQ:SMMT traded down $0.65 during mid-day trading on Tuesday, hitting $24.61. The company had a trading volume of 2,043,647 shares, compared to its average volume of 3,866,911. The business has a fifty day simple moving average of $22.06 and a 200-day simple moving average of $20.46. Summit Therapeutics Inc. has a 1 year low of $2.10 and a 1 year high of $36.91. The firm has a market capitalization of $18.28 billion, a price-to-earnings ratio of -87.89 and a beta of -0.94.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, beating analysts' consensus estimates of ($0.10) by $0.01. As a group, research analysts anticipate that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SMMT. The Goldman Sachs Group upped their target price on Summit Therapeutics from $37.00 to $41.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. StockNews.com raised Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Tuesday. Citigroup raised Summit Therapeutics from a "neutral" rating to a "buy" rating and increased their price target for the stock from $23.00 to $35.00 in a research note on Wednesday, March 26th. HC Wainwright reissued a "buy" rating and set a $44.00 price target on shares of Summit Therapeutics in a research note on Monday, April 28th. Finally, Summit Redstone set a $35.00 price target on Summit Therapeutics in a research note on Wednesday, March 26th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target 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.