Artisan Partners Limited Partnership Takes $1.69 Million Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Artisan Partners Limited Partnership bought a new position in Summit Therapeutics Inc. (NASDAQ:SMMT) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 94,760 shares of the company’s stock, valued at approximately $1,691,000.

Other institutional investors have also added to or reduced their stakes in the company. Baker BROS. Advisors LP lifted its stake in shares of Summit Therapeutics by 5.2% in the 3rd 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 last quarter. FMR LLC lifted its position 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. Vanguard Group Inc. boosted its stake in shares of Summit Therapeutics by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock valued at $208,261,000 after purchasing an additional 724,040 shares during the period. Charles Schwab Investment Management Inc. boosted its stake 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 valued at $31,376,000 after purchasing an additional 497,984 shares during the period. Finally, IvyRock Asset Management HK Ltd bought a new position in shares of Summit Therapeutics in the fourth quarter worth approximately $2,972,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Trading Down 1.4 %

Shares of SMMT opened at $20.32 on Friday. Summit Therapeutics Inc. has a 12 month low of $2.10 and a 12 month high of $33.89. The business’s fifty day simple moving average is $20.51 and its two-hundred day simple moving average is $20.17. The company has a market cap of $14.99 billion, a price-to-earnings ratio of -72.57 and a beta of -1.04.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Monday, February 24th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $0.20 million during the quarter. As a group, research analysts forecast that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Citigroup upgraded shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $23.00 to $35.00 in a research report on Wednesday. Evercore ISI began coverage on Summit Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price objective for the company. The Goldman Sachs Group started coverage on Summit Therapeutics in a research note on Friday, February 28th. They set a “buy” rating and a $42.00 target price on the stock. Cantor Fitzgerald started coverage on Summit Therapeutics in a research note on Friday, March 21st. They issued an “overweight” rating for the company. Finally, HC Wainwright reissued a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, February 25th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $35.44.

Summit Therapeutics Company 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.