SVB Wealth LLC Makes New $274,000 Investment in Summit Therapeutics Inc. (NASDAQ:SMMT)

SVB Wealth LLC bought a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 15,350 shares of the company’s stock, valued at approximately $274,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Darwin Wealth Management LLC acquired a new position in shares of Summit Therapeutics during the third quarter worth $25,000. Covestor Ltd increased its holdings in shares of Summit Therapeutics by 2,767.4% during the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after buying an additional 1,190 shares in the last quarter. Brooklyn Investment Group acquired a new position in shares of Summit Therapeutics during the fourth quarter worth $29,000. Fred Alger Management LLC acquired a new position in shares of Summit Therapeutics during the third quarter worth $105,000. Finally, Avanza Fonder AB acquired a new position in shares of Summit Therapeutics during the fourth quarter worth $115,000. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Trading Up 2.4 %

Shares of Summit Therapeutics stock opened at $19.55 on Thursday. The business has a 50-day moving average price of $20.01 and a two-hundred day moving average price of $19.47. Summit Therapeutics Inc. has a 1-year low of $2.10 and a 1-year high of $33.89. The company has a market cap of $14.42 billion, a P/E ratio of -69.82 and a beta of -0.88.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting analysts’ consensus estimates 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 EPS for the current fiscal year.

Analysts Set New Price Targets

SMMT has been the subject of several research analyst reports. HC Wainwright reiterated a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a report on Tuesday, February 25th. Jefferies Financial Group assumed coverage on Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 price objective for the company. Truist Financial assumed coverage on Summit Therapeutics in a report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective for the company. StockNews.com upgraded Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday. Finally, The Goldman Sachs Group assumed coverage on Summit Therapeutics in a report on Friday, February 28th. They issued a “buy” rating and a $42.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock 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.