Summit Therapeutics Inc. (NASDAQ:SMMT) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. decreased its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT) by 1.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 544,877 shares of the company’s stock after selling 6,892 shares during the quarter. Federated Hermes Inc. owned about 0.08% of Summit Therapeutics worth $4,250,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SMMT. Russell Investments Group Ltd. raised its stake in Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after buying an additional 3,579 shares during the last quarter. Fullcircle Wealth LLC purchased a new position in shares of Summit Therapeutics in the 2nd quarter valued at approximately $95,000. CIBC Asset Management Inc acquired a new stake in Summit Therapeutics in the 2nd quarter worth approximately $154,000. Virtu Financial LLC grew its position in Summit Therapeutics by 23.3% during the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after purchasing an additional 3,846 shares during the last quarter. Finally, EntryPoint Capital LLC acquired a new position in Summit Therapeutics during the 1st quarter valued at approximately $100,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock opened at $24.56 on Thursday. Summit Therapeutics Inc. has a 1 year low of $1.64 and a 1 year high of $33.89. The stock has a market cap of $17.24 billion, a PE ratio of -153.50 and a beta of -0.99. The firm has a fifty day moving average price of $13.46 and a 200 day moving average price of $8.17.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. As a group, equities analysts expect that Summit Therapeutics Inc. will post -0.27 EPS for the current year.

Wall Street Analyst Weigh In

SMMT has been the topic of a number of research analyst reports. Citigroup boosted their price objective on shares of Summit Therapeutics from $13.00 to $19.00 and gave the company a “buy” rating in a report on Monday, September 9th. Stifel Nicolaus boosted their price target on Summit Therapeutics from $14.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, September 9th. Finally, HC Wainwright raised their price objective on Summit Therapeutics from $30.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday.

Summit Therapeutics Company 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.