IvyRock Asset Management HK Ltd Invests $2.97 Million in Summit Therapeutics Inc. (NASDAQ:SMMT)

IvyRock Asset Management HK Ltd bought a new stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 166,500 shares of the company’s stock, valued at approximately $2,972,000. Summit Therapeutics makes up 1.3% of IvyRock Asset Management HK Ltd’s holdings, making the stock its 11th biggest position.

A number of other hedge funds have also recently bought and sold shares of SMMT. Intech Investment Management LLC acquired a new stake in Summit Therapeutics in the 3rd quarter valued at about $694,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Summit Therapeutics by 53.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock worth $31,376,000 after purchasing an additional 497,984 shares in the last quarter. Cerity Partners LLC acquired a new stake in Summit Therapeutics during the third quarter valued at approximately $2,178,000. Bank of Montreal Can acquired a new stake in Summit Therapeutics during the third quarter valued at approximately $2,038,000. Finally, The Manufacturers Life Insurance Company boosted its holdings in Summit Therapeutics by 43.5% during the third quarter. The Manufacturers Life Insurance Company now owns 295,629 shares of the company’s stock worth $6,474,000 after buying an additional 89,572 shares in the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Price Performance

Shares of NASDAQ SMMT opened at $20.69 on Tuesday. Summit Therapeutics Inc. has a one year low of $2.10 and a one year high of $33.89. The business’s 50-day moving average price is $20.33 and its two-hundred day moving average price is $20.12. The company has a market capitalization of $15.26 billion, a P/E ratio of -73.89 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 analysts’ consensus estimates of ($0.08). The firm had revenue of $0.20 million during the quarter. On average, equities analysts anticipate that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on SMMT shares. StockNews.com raised Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. Wells Fargo & Company began coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price target for the company. Truist Financial started coverage on Summit Therapeutics in a report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective on the stock. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 target price for the company. Finally, The Goldman Sachs Group initiated coverage on shares of Summit Therapeutics in a report on Friday, February 28th. They set a “buy” rating and a $42.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $34.11.

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.