Griffin Asset Management Inc. Has $1.98 Million Stake in Summit Therapeutics Inc. (NASDAQ:SMMT)

Griffin Asset Management Inc. increased its stake in Summit Therapeutics Inc. (NASDAQ:SMMT) by 63.3% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 110,660 shares of the company’s stock after purchasing an additional 42,900 shares during the quarter. Griffin Asset Management Inc.’s holdings in Summit Therapeutics were worth $1,975,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of SMMT. Janney Montgomery Scott LLC lifted its stake in shares of Summit Therapeutics by 39.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 15,716 shares of the company’s stock worth $280,000 after buying an additional 4,443 shares during the last quarter. Wealth Management Partners LLC lifted its holdings in shares of Summit Therapeutics by 10.2% during the 4th quarter. Wealth Management Partners LLC now owns 97,383 shares of the company’s stock worth $1,738,000 after acquiring an additional 9,000 shares during the period. Brooklyn Investment Group bought a new stake in shares of Summit Therapeutics during the 4th quarter worth $29,000. Avanza Fonder AB acquired a new position in Summit Therapeutics during the 4th quarter worth approximately $115,000. Finally, Assenagon Asset Management S.A. bought a new position in shares of Summit Therapeutics in the 4th quarter valued at $229,000. Institutional investors own 4.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SMMT shares. JMP Securities assumed coverage on Summit Therapeutics in a report on Monday, November 4th. They set a “market outperform” rating and a $32.00 target price on the stock. Jefferies Financial Group initiated coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 price objective on the stock. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price on the stock. Truist Financial started coverage on Summit Therapeutics in a report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target for the company. Finally, HC Wainwright restated a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, January 21st. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $33.57.

Summit Therapeutics Trading Down 1.0 %

Shares of Summit Therapeutics stock opened at $23.52 on Tuesday. Summit Therapeutics Inc. has a 12 month low of $2.10 and a 12 month high of $33.89. The business’s 50-day moving average price is $18.80 and its 200-day moving average price is $17.48.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.02). During the same period last year, the company earned ($0.03) EPS. As a group, sell-side analysts anticipate that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

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.