Assenagon Asset Management S.A. Buys New Stake in Summit Therapeutics Inc. (NASDAQ:SMMT)

Assenagon Asset Management S.A. purchased a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,824 shares of the company’s stock, valued at approximately $229,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Baker BROS. Advisors LP grew its stake in shares of Summit Therapeutics by 5.2% during the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after purchasing an additional 1,202,643 shares in the last quarter. FMR LLC boosted its position in shares of Summit Therapeutics by 9.8% during the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after acquiring an additional 737,692 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Summit Therapeutics by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company’s stock worth $67,899,000 after acquiring an additional 135,981 shares in the last quarter. Millennium Management LLC purchased a new position in shares of Summit Therapeutics in the 2nd quarter valued at about $15,154,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Summit Therapeutics by 53.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock worth $31,376,000 after acquiring an additional 497,984 shares in the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on SMMT shares. Truist Financial assumed coverage on Summit Therapeutics in a report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, January 21st. Wells Fargo & Company assumed coverage on Summit Therapeutics in a report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective for the company. Jefferies Financial Group initiated coverage on Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 target price on the stock. Finally, JMP Securities began coverage on Summit Therapeutics in a research note on Monday, November 4th. They set a “market outperform” rating and a $32.00 price target for the company. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $33.57.

Summit Therapeutics Trading Down 3.6 %

NASDAQ SMMT opened at $23.76 on Friday. The firm has a market cap of $17.52 billion, a price-to-earnings ratio of -84.85 and a beta of -0.87. Summit Therapeutics Inc. has a 1-year low of $2.10 and a 1-year high of $33.89. The company has a 50 day moving average of $18.80 and a 200-day moving average of $17.35.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Wednesday, October 30th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). During the same period in the prior year, the company posted ($0.03) earnings per share. On average, analysts forecast that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

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.