Rhumbline Advisers Sells 12,024 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Rhumbline Advisers trimmed its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT) by 8.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 128,619 shares of the company’s stock after selling 12,024 shares during the quarter. Rhumbline Advisers’ holdings in Summit Therapeutics were worth $1,003,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. lifted its stake in Summit Therapeutics by 131.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock valued at $168,000 after buying an additional 22,977 shares during the period. Vanguard Group Inc. lifted its position in shares of Summit Therapeutics by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after acquiring an additional 254,261 shares during the period. Principal Financial Group Inc. boosted its stake in Summit Therapeutics by 131.9% during the second quarter. Principal Financial Group Inc. now owns 36,133 shares of the company’s stock worth $282,000 after acquiring an additional 20,553 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Summit Therapeutics by 18.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock worth $138,000 after acquiring an additional 5,139 shares in the last quarter. Finally, Virtu Financial LLC grew its holdings in Summit Therapeutics by 23.3% in 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 during the period. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Stock Up 5.3 %

Shares of Summit Therapeutics stock opened at $24.39 on Monday. The company has a market cap of $17.12 billion, a PE ratio of -152.44 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. The business has a 50 day moving average price of $14.06 and a 200-day moving average price of $8.46.

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

Analysts Set New Price Targets

Several analysts have recently commented on the company. HC Wainwright raised their target price on Summit Therapeutics from $30.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Stifel Nicolaus boosted their price objective on Summit Therapeutics from $14.00 to $25.00 and gave the company a “buy” rating in a report on Monday, September 9th. Finally, Citigroup upped their target price on Summit Therapeutics from $13.00 to $19.00 and gave the stock a “buy” rating in a research report on Monday, September 9th.

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.