Summit Therapeutics Inc. (NASDAQ:SMMT) Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC trimmed its holdings in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 15.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,857 shares of the company’s stock after selling 11,138 shares during the period. ProShare Advisors LLC’s holdings in Summit Therapeutics were worth $459,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SMMT. TD Asset Management Inc acquired a new position in Summit Therapeutics during the second quarter valued at approximately $2,081,000. Vanguard Group Inc. lifted its position in Summit Therapeutics by 3.6% during the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after buying an additional 254,261 shares in the last quarter. Aristides Capital LLC purchased a new stake in shares of Summit Therapeutics during the fourth quarter valued at approximately $210,000. Sargent Investment Group LLC raised its stake in shares of Summit Therapeutics by 620.0% during the second quarter. Sargent Investment Group LLC now owns 72,000 shares of the company’s stock valued at $562,000 after purchasing an additional 62,000 shares during the period. Finally, China Universal Asset Management Co. Ltd. raised its stake in shares of Summit Therapeutics by 66.3% during the first quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company’s stock valued at $558,000 after purchasing an additional 53,774 shares during the period. 4.61% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SMMT has been the topic of a number of analyst reports. Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $19.00 to $23.00 in a research note on Friday, September 27th. HC Wainwright lifted their price objective on shares of Summit Therapeutics from $30.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, Stifel Nicolaus lifted their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th.

Summit Therapeutics Trading Down 8.2 %

Shares of NASDAQ:SMMT opened at $20.10 on Wednesday. The company has a fifty day simple moving average of $15.82 and a 200 day simple moving average of $9.32. The firm has a market cap of $14.56 billion, a PE ratio of -125.63 and a beta of -0.99. Summit Therapeutics Inc. has a 12-month low of $1.64 and a 12-month high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. As a group, equities research analysts forecast that Summit Therapeutics Inc. will post -0.27 EPS 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.