New York State Common Retirement Fund Grows Stake in Summit Therapeutics Inc. (NASDAQ:SMMT)

New York State Common Retirement Fund lifted its stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 18.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,377 shares of the company’s stock after purchasing an additional 4,600 shares during the period. New York State Common Retirement Fund’s holdings in Summit Therapeutics were worth $524,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of SMMT. Darwin Wealth Management LLC purchased a new stake in Summit Therapeutics in the third quarter worth $25,000. Covestor Ltd grew its stake in shares of 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 period. Brooklyn Investment Group purchased a new stake in Summit Therapeutics in the 4th quarter worth about $29,000. Fred Alger Management LLC bought a new stake in Summit Therapeutics in the 3rd quarter valued at about $105,000. Finally, Avanza Fonder AB purchased a new stake in Summit Therapeutics during the fourth quarter valued at about $115,000. Institutional investors own 4.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company initiated coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price for the company. StockNews.com upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday. Truist Financial began coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 target price on the stock. The Goldman Sachs Group initiated coverage on Summit Therapeutics in a research report on Friday, February 28th. They issued a “buy” rating and a $42.00 price target for the company. Finally, HC Wainwright reissued a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a report on Tuesday, February 25th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $34.63.

Summit Therapeutics Trading Down 0.2 %

Shares of NASDAQ SMMT opened at $19.09 on Wednesday. Summit Therapeutics Inc. has a 12 month low of $2.10 and a 12 month high of $33.89. The firm has a market capitalization of $14.08 billion, a price-to-earnings ratio of -68.18 and a beta of -0.88. The business has a 50-day moving average of $20.00 and a 200-day moving average of $19.47.

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