Skandinaviska Enskilda Banken AB publ Acquires New Shares in Summit Therapeutics Inc. (NASDAQ:SMMT)

Skandinaviska Enskilda Banken AB publ purchased a new position in Summit Therapeutics Inc. (NASDAQ:SMMT) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 32,663 shares of the company’s stock, valued at approximately $586,000.

Several other hedge funds also recently made changes to their positions in the stock. Baker BROS. Advisors LP boosted its stake in Summit Therapeutics by 5.2% in the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after purchasing an additional 1,202,643 shares during the period. FMR LLC lifted its holdings in shares of Summit Therapeutics by 9.8% in the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after buying an additional 737,692 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Summit Therapeutics by 53.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock valued at $31,376,000 after acquiring an additional 497,984 shares during the period. abrdn plc increased its holdings in Summit Therapeutics by 13.6% during the 4th quarter. abrdn plc now owns 1,290,425 shares of the company’s stock worth $23,028,000 after acquiring an additional 154,139 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in Summit Therapeutics by 252.8% in the 4th quarter. Principal Financial Group Inc. now owns 205,150 shares of the company’s stock worth $3,661,000 after purchasing an additional 147,003 shares in the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on SMMT shares. The Goldman Sachs Group started coverage on shares of Summit Therapeutics in a report on Friday, February 28th. They issued a “buy” rating and a $42.00 price target on the stock. Evercore ISI initiated coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 target price on the stock. HC Wainwright restated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, February 25th. Wells Fargo & Company began coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 target price for the company. Finally, StockNews.com upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.11.

Summit Therapeutics Stock Down 3.2 %

Shares of NASDAQ:SMMT opened at $20.13 on Tuesday. The stock has a market cap of $14.85 billion, a PE ratio of -71.89 and a beta of -1.04. The company’s fifty day moving average is $20.17 and its 200 day moving average is $19.86. Summit Therapeutics Inc. has a 52 week low of $2.10 and a 52 week high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Monday, February 24th. The company reported ($0.08) EPS for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $0.20 million during the quarter. Sell-side analysts anticipate that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

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.