Rhumbline Advisers Has $2.23 Million Stock Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Rhumbline Advisers increased its holdings in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 4.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 125,202 shares of the company’s stock after buying an additional 5,394 shares during the quarter. Rhumbline Advisers’ holdings in Summit Therapeutics were worth $2,234,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of SMMT. CIBC Asset Management Inc lifted its stake in shares of Summit Therapeutics by 3.8% in the 3rd quarter. CIBC Asset Management Inc now owns 20,445 shares of the company’s stock valued at $448,000 after acquiring an additional 740 shares during the last quarter. Darwin Wealth Management LLC acquired a new position in Summit Therapeutics in the 3rd quarter worth about $25,000. Covestor Ltd grew its holdings in Summit Therapeutics by 2,767.4% during the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after acquiring an additional 1,190 shares during the last quarter. Brooklyn Investment Group acquired a new position in Summit Therapeutics in the 4th quarter valued at approximately $29,000. Finally, World Equity Group Inc. lifted its holdings in Summit Therapeutics by 16.1% during the 3rd quarter. World Equity Group Inc. now owns 14,842 shares of the company’s stock worth $325,000 after buying an additional 2,063 shares during the period. 4.61% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SMMT has been the subject of a number of recent analyst reports. JMP Securities started coverage on Summit Therapeutics in a report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price target for the company. The Goldman Sachs Group began coverage on Summit Therapeutics in a research note on Friday. They set a “buy” rating and a $42.00 target price for the company. HC Wainwright reiterated a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a report on Tuesday, February 25th. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They set a “buy” rating and a $31.00 price objective on the stock. Finally, Wells Fargo & Company started coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $34.63.

Summit Therapeutics Stock Performance

Shares of NASDAQ SMMT opened at $19.13 on Tuesday. Summit Therapeutics Inc. has a fifty-two week low of $2.10 and a fifty-two week high of $33.89. The firm’s 50-day simple moving average is $20.00 and its 200 day simple moving average is $19.42. The stock has a market cap of $14.11 billion, a price-to-earnings ratio of -68.32 and a beta of -0.88.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). The firm had revenue of $0.20 million for the quarter. On average, sell-side analysts predict that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

About Summit Therapeutics

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.