Rakuten Securities Inc. Takes $71,000 Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Rakuten Securities Inc. purchased a new stake in Summit Therapeutics Inc. (NASDAQ:SMMT) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,000 shares of the company’s stock, valued at approximately $71,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Baker BROS. Advisors LP raised its position in shares of Summit Therapeutics by 5.2% in the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after buying an additional 1,202,643 shares in the last quarter. FMR LLC increased its stake 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 acquiring an additional 737,692 shares during the last quarter. Geode Capital Management LLC increased its stake in Summit Therapeutics by 4.6% in the third 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. 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 acquiring an additional 52,359 shares during the last quarter. Finally, abrdn plc increased its stake in Summit Therapeutics by 13.6% in the fourth quarter. abrdn plc now owns 1,290,425 shares of the company’s stock valued at $23,028,000 after acquiring an additional 154,139 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Stock Performance

NASDAQ SMMT opened at $19.91 on Thursday. The firm’s fifty day moving average price is $20.05 and its two-hundred day moving average price is $19.67. The stock has a market cap of $14.69 billion, a PE ratio of -71.10 and a beta of -1.03. Summit Therapeutics Inc. has a fifty-two week low of $2.10 and a fifty-two week high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data 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 during the quarter. As a group, sell-side analysts predict that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SMMT has been the topic of a number of recent analyst reports. The Goldman Sachs Group initiated coverage on shares of Summit Therapeutics in a research note on Friday, February 28th. They issued a “buy” rating and a $42.00 price objective on the stock. HC Wainwright reissued a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, February 25th. Truist Financial initiated coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective on the stock. Evercore ISI initiated coverage on shares of Summit Therapeutics in a research note on Wednesday. They issued an “outperform” rating and a $30.00 price objective on the stock. Finally, Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 price objective on the stock. Two 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 company has an average rating of “Moderate Buy” and a consensus price target of $34.11.

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.