Summit Therapeutics Inc. (NASDAQ:SMMT) Stock Position Lessened by E Fund Management Co. Ltd.

E Fund Management Co. Ltd. reduced its stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 67.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,076 shares of the company’s stock after selling 20,653 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Summit Therapeutics were worth $79,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Russell Investments Group Ltd. raised its position in shares of Summit Therapeutics by 142.2% during the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after buying an additional 3,579 shares in the last quarter. Sectoral Asset Management Inc. increased its stake in shares of Summit Therapeutics by 50.0% during the fourth quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock valued at $78,000 after acquiring an additional 10,000 shares during the period. Virtu Financial LLC raised its holdings in Summit Therapeutics by 23.3% during the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after purchasing an additional 3,846 shares in the last quarter. Fullcircle Wealth LLC acquired a new stake in Summit Therapeutics in the second quarter worth approximately $95,000. Finally, EntryPoint Capital LLC acquired a new position in shares of Summit Therapeutics during the 1st quarter valued at $100,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Stock Down 5.7 %

Shares of NASDAQ SMMT opened at $23.16 on Friday. The stock’s fifty day simple moving average is $13.75 and its 200 day simple moving average is $8.27. The stock has a market capitalization of $16.78 billion, a price-to-earnings ratio of -144.75 and a beta of -0.99. Summit Therapeutics Inc. has a 52-week low of $1.64 and a 52-week high of $33.89.

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

Analyst Ratings Changes

Several analysts have recently weighed in on SMMT shares. Citigroup upped their price objective on Summit Therapeutics from $13.00 to $19.00 and gave the company a “buy” rating in a report on Monday, September 9th. HC Wainwright upped their price target on shares of Summit Therapeutics from $30.00 to $45.00 and gave the company a “buy” rating in a report on Monday. Finally, Stifel Nicolaus lifted their price objective on shares of Summit Therapeutics from $14.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, September 9th.

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.