NEOS Investment Management LLC Makes New $475,000 Investment in Summit Therapeutics Inc. (NASDAQ:SMMT)

NEOS Investment Management LLC bought a new stake in Summit Therapeutics Inc. (NASDAQ:SMMT) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 26,641 shares of the company’s stock, valued at approximately $475,000.

Other hedge funds also recently made changes to their positions in the company. Baker BROS. Advisors LP lifted its holdings in shares of Summit Therapeutics by 5.2% during the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after acquiring an additional 1,202,643 shares during the period. Vanguard Group Inc. raised its position in shares of Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock valued at $208,261,000 after acquiring an additional 724,040 shares during the last quarter. FMR LLC increased its holdings in Summit Therapeutics by 9.8% in the third 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. Geode Capital Management LLC increased its stake in shares of Summit Therapeutics by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company’s stock valued at $67,899,000 after acquiring an additional 135,981 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Summit Therapeutics by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,485,072 shares of the company’s stock valued at $26,501,000 after purchasing an additional 52,359 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

Wall Street Analysts Forecast Growth

SMMT has been the subject of several recent analyst reports. Evercore ISI started coverage on Summit Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price target for the company. StockNews.com upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Citigroup upgraded Summit Therapeutics from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $23.00 to $35.00 in a research note on Wednesday, March 26th. Truist Financial began coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price on the stock. Finally, Jefferies Financial Group started 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. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $35.44.

Summit Therapeutics Stock Performance

Shares of NASDAQ SMMT opened at $20.32 on Monday. Summit Therapeutics Inc. has a 52 week low of $2.10 and a 52 week high of $33.89. The stock’s fifty day moving average is $20.51 and its 200 day moving average is $20.15. The stock has a market capitalization of $14.99 billion, a P/E ratio of -72.57 and a beta of -1.04.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $0.20 million for the quarter. Equities research analysts forecast that Summit Therapeutics Inc. will post -0.3 earnings per share for the current 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.