DnB Asset Management AS Has $624,000 Stock Holdings in Summit Therapeutics Inc. (NASDAQ:SMMT)

DnB Asset Management AS grew its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT) by 21.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 34,978 shares of the company’s stock after purchasing an additional 6,208 shares during the period. DnB Asset Management AS’s holdings in Summit Therapeutics were worth $624,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Brooklyn Investment Group bought a new position in shares of Summit Therapeutics in the fourth quarter worth about $29,000. Steward Partners Investment Advisory LLC lifted its stake in Summit Therapeutics by 56.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after purchasing an additional 900 shares during the last quarter. Rakuten Securities Inc. acquired a new stake in Summit Therapeutics in the fourth quarter valued at approximately $71,000. Avanza Fonder AB bought a new stake in shares of Summit Therapeutics during the fourth quarter worth $115,000. Finally, Verus Capital Partners LLC acquired a new position in shares of Summit Therapeutics during the fourth quarter worth $182,000. 4.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SMMT. The Goldman Sachs Group initiated coverage on Summit Therapeutics in a research report on Friday, February 28th. They set a “buy” rating and a $42.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, February 25th. Evercore ISI assumed coverage on shares of Summit Therapeutics in a report on Wednesday, March 12th. They set an “outperform” rating and a $30.00 target price on the stock. Cantor Fitzgerald started coverage on shares of Summit Therapeutics in a research report on Friday, March 21st. They issued an “overweight” rating for the company. Finally, Citigroup upgraded shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $23.00 to $35.00 in a report on Wednesday, March 26th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $35.44.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock opened at $20.46 on Thursday. The stock’s 50-day moving average is $20.39 and its 200 day moving average is $20.00. Summit Therapeutics Inc. has a one year low of $2.10 and a one year high of $33.89. The firm has a market cap of $15.09 billion, a price-to-earnings ratio of -73.07 and a beta of -1.04.

Summit Therapeutics (NASDAQ:SMMT) last announced 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 for the quarter. On average, sell-side analysts expect that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal 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.