HighTower Advisors LLC Reduces Holdings in Summit Therapeutics Inc. (NASDAQ:SMMT)

HighTower Advisors LLC lowered its stake in Summit Therapeutics Inc. (NASDAQ:SMMT) by 2.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,317 shares of the company’s stock after selling 1,040 shares during the quarter. HighTower Advisors LLC’s holdings in Summit Therapeutics were worth $702,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in SMMT. Baker BROS. Advisors LP boosted its stake 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 worth $534,905,000 after acquiring an additional 1,202,643 shares during the period. Cerity Partners LLC bought a new position in Summit Therapeutics in the 3rd quarter valued at $2,178,000. FMR LLC increased its position in shares of Summit Therapeutics by 9.8% during the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after acquiring an additional 737,692 shares during the period. Griffin Asset Management Inc. increased its holdings in Summit Therapeutics by 63.3% during the 4th quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company’s stock worth $1,975,000 after purchasing an additional 42,900 shares during the period. Finally, SeaCrest Wealth Management LLC bought a new position in Summit Therapeutics during the 4th quarter worth about $444,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Jefferies Financial Group started coverage on Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 target price on the stock. The Goldman Sachs Group initiated 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 began coverage on Summit Therapeutics in a research note on Friday, March 21st. They issued an “overweight” rating for the company. Evercore ISI started coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They set an “outperform” rating and a $30.00 price target on the stock. Finally, StockNews.com upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.44.

Summit Therapeutics Stock Down 1.4 %

Shares of NASDAQ:SMMT opened at $20.32 on Friday. Summit Therapeutics Inc. has a 52-week low of $2.10 and a 52-week high of $33.89. The stock has a market cap of $14.99 billion, a price-to-earnings ratio of -72.57 and a beta of -1.04. The business has a 50-day moving average price of $20.51 and a 200-day moving average price of $20.19.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). The business had revenue of $0.20 million for the quarter. As a group, equities analysts anticipate that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

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.