Fmr LLC Cuts Stock Holdings in Summit Therapeutics Inc. (NASDAQ:SMMT)

Fmr LLC lowered its stake in Summit Therapeutics Inc. (NASDAQ:SMMT) by 3.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,055,370 shares of the company’s stock after selling 247,749 shares during the period. Fmr LLC owned approximately 1.09% of Summit Therapeutics worth $143,748,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Polymer Capital Management HK LTD bought a new position in Summit Therapeutics during the 4th quarter worth approximately $3,923,000. Wells Fargo & Company MN boosted its stake in shares of Summit Therapeutics by 79.2% during the fourth quarter. Wells Fargo & Company MN now owns 95,265 shares of the company’s stock valued at $1,700,000 after purchasing an additional 42,090 shares during the period. Cinctive Capital Management LP bought a new position in shares of Summit Therapeutics in the fourth quarter worth approximately $487,000. Headlands Technologies LLC purchased a new position in shares of Summit Therapeutics in the fourth quarter worth $306,000. Finally, Geode Capital Management LLC raised its holdings in Summit Therapeutics by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company’s stock valued at $57,133,000 after buying an additional 101,039 shares during the last quarter. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Price Performance

NASDAQ:SMMT opened at $23.24 on Monday. The firm’s 50-day moving average price is $19.70 and its 200-day moving average price is $19.64. The company has a market capitalization of $17.14 billion, a PE ratio of -83.00 and a beta of -0.46. Summit Therapeutics Inc. has a 1-year low of $2.10 and a 1-year high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data 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 during the quarter. Equities analysts anticipate that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Analyst Ratings Changes

SMMT has been the topic of a number of analyst reports. StockNews.com upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Summit Redstone set a $35.00 price target on Summit Therapeutics in a research report on Wednesday, March 26th. Truist Financial began coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective on the stock. HC Wainwright restated a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, February 25th. Finally, Citigroup raised Summit Therapeutics from a “neutral” rating to a “buy” rating and raised their price target for the stock from $23.00 to $35.00 in a research note on Wednesday, March 26th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $35.40.

About Summit Therapeutics

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.