Tower Research Capital LLC TRC Raises Stock Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Tower Research Capital LLC TRC grew its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 1,032.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 16,936 shares of the company's stock after purchasing an additional 15,440 shares during the quarter. Tower Research Capital LLC TRC's holdings in Summit Therapeutics were worth $302,000 at the end of the most recent reporting period.

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

Summit Therapeutics Stock Performance

SMMT opened at $27.90 on Friday. Summit Therapeutics Inc. has a one year low of $2.10 and a one year high of $36.91. The stock has a market capitalization of $20.58 billion, a P/E ratio of -99.64 and a beta of -0.46. The business's 50-day simple moving average is $21.36 and its 200-day simple moving average is $20.30.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.01. On average, equities research analysts forecast that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Evercore ISI started coverage on Summit Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 price objective for the company. Jefferies Financial Group set a $44.00 price objective on shares of Summit Therapeutics and gave the company a "buy" rating in a research report on Friday, April 25th. The Goldman Sachs Group lifted their price objective on shares of Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research report on Friday. StockNews.com raised Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Wednesday, March 5th. Finally, Summit Redstone set a $35.00 price target on Summit Therapeutics in a report on Wednesday, March 26th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.