Principal Financial Group Inc. Purchases 20,553 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Principal Financial Group Inc. grew its position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 131.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 36,133 shares of the company’s stock after purchasing an additional 20,553 shares during the period. Principal Financial Group Inc.’s holdings in Summit Therapeutics were worth $282,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SMMT. Vanguard Group Inc. lifted its stake in Summit Therapeutics by 3.6% during the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock worth $30,095,000 after purchasing an additional 254,261 shares during the last quarter. Aristides Capital LLC bought a new stake in shares of Summit Therapeutics in the 4th quarter valued at about $210,000. China Universal Asset Management Co. Ltd. lifted its stake in shares of Summit Therapeutics by 66.3% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company’s stock valued at $558,000 after acquiring an additional 53,774 shares during the last quarter. Wealth Management Partners LLC lifted its stake in shares of Summit Therapeutics by 193.3% in the 1st quarter. Wealth Management Partners LLC now owns 44,000 shares of the company’s stock valued at $182,000 after acquiring an additional 29,000 shares during the last quarter. Finally, EntryPoint Capital LLC bought a new stake in shares of Summit Therapeutics in the 1st quarter valued at about $100,000. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Price Performance

SMMT opened at $31.93 on Friday. The business has a 50 day simple moving average of $12.32 and a two-hundred day simple moving average of $7.70. The firm has a market capitalization of $23.13 billion, a price-to-earnings ratio of -199.56 and a beta of -0.99. Summit Therapeutics Inc. has a one year low of $1.64 and a one year high of $33.60.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. As a group, sell-side analysts expect that Summit Therapeutics Inc. will post -0.27 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SMMT. Citigroup boosted their target price on Summit Therapeutics from $13.00 to $19.00 and gave the company a “buy” rating in a research note on Monday, September 9th. HC Wainwright boosted their target price on Summit Therapeutics from $16.00 to $30.00 and gave the company a “buy” rating in a research note on Monday, September 9th. Finally, Stifel Nicolaus boosted their target price on Summit Therapeutics from $14.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, September 9th.

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.