Steward Partners Investment Advisory LLC Raises Stock Holdings in Summit Therapeutics Inc. (NASDAQ:SMMT)

Steward Partners Investment Advisory LLC boosted its stake in Summit Therapeutics Inc. (NASDAQ:SMMT) by 56.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,503 shares of the company’s stock after buying an additional 900 shares during the period. Steward Partners Investment Advisory LLC’s holdings in Summit Therapeutics were worth $45,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. SVB Wealth LLC purchased a new stake in Summit Therapeutics during the fourth quarter worth about $274,000. Verus Capital Partners LLC purchased a new stake in Summit Therapeutics during the fourth quarter worth about $182,000. New York Life Investment Management LLC purchased a new stake in Summit Therapeutics during the fourth quarter worth about $201,000. Bank of New York Mellon Corp increased its stake in Summit Therapeutics by 33.7% during the fourth quarter. Bank of New York Mellon Corp now owns 333,510 shares of the company’s stock worth $5,951,000 after purchasing an additional 84,117 shares during the period. Finally, HealthInvest Partners AB increased its stake in Summit Therapeutics by 17.6% during the fourth quarter. HealthInvest Partners AB now owns 101,177 shares of the company’s stock worth $1,806,000 after purchasing an additional 15,164 shares during the period. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SMMT. HC Wainwright reiterated a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a research note on Tuesday, February 25th. Wells Fargo & Company began coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They set an “overweight” rating and a $30.00 target price on the stock. Truist Financial began coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They set a “buy” rating and a $35.00 target price on the stock. The Goldman Sachs Group began coverage on shares of Summit Therapeutics in a research note on Friday, February 28th. They set a “buy” rating and a $42.00 target price on the stock. Finally, StockNews.com upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $34.11.

Summit Therapeutics Stock Down 1.5 %

Shares of SMMT opened at $19.83 on Wednesday. The stock has a 50 day moving average price of $20.21 and a 200 day moving average price of $19.91. The company has a market capitalization of $14.63 billion, a price-to-earnings ratio of -70.82 and a beta of -1.04. Summit Therapeutics Inc. has a 52-week low of $2.10 and a 52-week high of $33.89.

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