Candriam S.C.A. Sells 7,852 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Candriam S.C.A. decreased its stake in Summit Therapeutics Inc. (NASDAQ:SMMT) by 0.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 842,551 shares of the company’s stock after selling 7,852 shares during the period. Candriam S.C.A. owned 0.11% of Summit Therapeutics worth $15,035,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Baker BROS. Advisors LP increased its position in Summit Therapeutics by 5.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after purchasing an additional 1,202,643 shares during the period. FMR LLC boosted 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 valued at $181,838,000 after purchasing an additional 737,692 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Summit Therapeutics by 53.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock worth $31,376,000 after buying an additional 497,984 shares during the period. abrdn plc raised its stake in Summit Therapeutics by 13.6% during the fourth quarter. abrdn plc now owns 1,290,425 shares of the company’s stock worth $23,028,000 after buying an additional 154,139 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in Summit Therapeutics by 252.8% during the fourth 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 last quarter. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Stock Down 2.9 %

NASDAQ SMMT opened at $18.99 on Friday. The business has a 50 day moving average price of $20.00 and a 200-day moving average price of $19.47. Summit Therapeutics Inc. has a 52 week low of $2.10 and a 52 week high of $33.89. The company has a market cap of $14.01 billion, a price-to-earnings ratio of -67.82 and a beta of -0.88.

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

Analyst Ratings Changes

A number of analysts have weighed in on the company. Jefferies Financial Group assumed coverage on Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 price target for the company. Truist Financial began coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 target price on the stock. HC Wainwright reiterated a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, February 25th. Wells Fargo & Company assumed coverage on Summit Therapeutics in a report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price target on the stock. Finally, The Goldman Sachs Group started coverage on shares of Summit Therapeutics in a research report on Friday, February 28th. They set a “buy” rating and a $42.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $34.63.

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.