Bank of New York Mellon Corp Has $5.95 Million Stock Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Bank of New York Mellon Corp lifted its holdings in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 33.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 333,510 shares of the company’s stock after purchasing an additional 84,117 shares during the quarter. Bank of New York Mellon Corp’s holdings in Summit Therapeutics were worth $5,951,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. HealthInvest Partners AB boosted its holdings in shares of Summit Therapeutics by 17.6% during the 4th quarter. HealthInvest Partners AB now owns 101,177 shares of the company’s stock worth $1,806,000 after buying an additional 15,164 shares during the period. World Equity Group Inc. boosted its holdings in shares of Summit Therapeutics by 94.3% during the 4th quarter. World Equity Group Inc. now owns 28,834 shares of the company’s stock worth $515,000 after buying an additional 13,992 shares during the period. New York State Common Retirement Fund boosted its holdings in shares of Summit Therapeutics by 18.6% during the 4th quarter. New York State Common Retirement Fund now owns 29,377 shares of the company’s stock worth $524,000 after buying an additional 4,600 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of Summit Therapeutics by 5.5% during the 4th quarter. CIBC Asset Management Inc now owns 21,577 shares of the company’s stock worth $385,000 after buying an additional 1,132 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of Summit Therapeutics by 252.8% during the 4th quarter. Principal Financial Group Inc. now owns 205,150 shares of the company’s stock worth $3,661,000 after buying an additional 147,003 shares during the period. Institutional investors and hedge funds own 4.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SMMT shares. The Goldman Sachs Group started coverage on shares of Summit Therapeutics in a report on Friday, February 28th. They set a “buy” rating and a $42.00 price objective for the company. Truist Financial started coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective for the company. StockNews.com raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. Wells Fargo & Company started coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price target for the company. Finally, Jefferies Financial Group started coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 price target for the company. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $34.11.

Summit Therapeutics Stock Performance

Shares of SMMT stock opened at $20.79 on Monday. Summit Therapeutics Inc. has a 52-week low of $2.10 and a 52-week high of $33.89. The stock has a market cap of $15.34 billion, a price-to-earnings ratio of -74.25 and a beta of -1.03. The firm has a fifty day moving average of $20.12 and a 200-day moving average of $19.81.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data 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, sell-side 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.