Summit Therapeutics Inc. (NASDAQ:SMMT) Shares Purchased by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. lifted its stake in Summit Therapeutics Inc. (NASDAQ:SMMT) by 3.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,485,072 shares of the company’s stock after acquiring an additional 52,359 shares during the period. Charles Schwab Investment Management Inc. owned 0.20% of Summit Therapeutics worth $26,501,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Baker BROS. Advisors LP raised its holdings in 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. Cerity Partners LLC acquired a new position in shares of Summit Therapeutics during the 3rd quarter valued at $2,178,000. FMR LLC raised its stake in shares of Summit Therapeutics by 9.8% in the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after buying an additional 737,692 shares in the last quarter. Griffin Asset Management Inc. lifted its holdings in shares of Summit Therapeutics by 63.3% in the fourth quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company’s stock valued at $1,975,000 after buying an additional 42,900 shares during the period. Finally, SeaCrest Wealth Management LLC bought a new position in Summit Therapeutics during the fourth quarter valued at about $444,000. 4.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SMMT shares. StockNews.com upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Truist Financial assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective on the stock. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 target price for the company. The Goldman Sachs Group initiated coverage on shares of Summit Therapeutics in a research report on Friday, February 28th. They issued a “buy” rating and a $42.00 price target on the stock. Finally, Evercore ISI started coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They set an “outperform” rating and a $30.00 price objective for the company. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.11.

Summit Therapeutics Stock Performance

Summit Therapeutics stock opened at $20.13 on Tuesday. Summit Therapeutics Inc. has a 52 week low of $2.10 and a 52 week high of $33.89. The firm has a market capitalization of $14.85 billion, a price-to-earnings ratio of -71.89 and a beta of -1.04. The company has a 50 day moving average price of $20.17 and a 200 day moving average price of $19.86.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Monday, February 24th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $0.20 million during the quarter. Equities analysts forecast that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal 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.