Summit Therapeutics Inc. (NASDAQ:SMMT) Shares Bought by China Universal Asset Management Co. Ltd.

China Universal Asset Management Co. Ltd. grew its position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 12.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 156,366 shares of the company’s stock after buying an additional 17,014 shares during the quarter. China Universal Asset Management Co. Ltd.’s holdings in Summit Therapeutics were worth $2,790,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Baker BROS. Advisors LP grew its stake in Summit Therapeutics by 5.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after buying an additional 1,202,643 shares during the last quarter. Cerity Partners LLC acquired a new stake in shares of Summit Therapeutics in the third quarter valued at approximately $2,178,000. FMR LLC grew 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 last quarter. Griffin Asset Management Inc. acquired a new position in shares of Summit Therapeutics in the 3rd quarter valued at $1,484,000. Finally, Millennium Management LLC purchased a new stake in Summit Therapeutics in the 2nd quarter valued at $15,154,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Analyst Ratings Changes

SMMT has been the subject of a number of research reports. Truist Financial initiated coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, January 21st. JMP Securities initiated coverage on Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price on the stock. Jefferies Financial Group started coverage on Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 price target for the company. Finally, Wells Fargo & Company began coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price objective on the stock. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Summit Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $33.57.

Summit Therapeutics Stock Performance

Shares of SMMT opened at $21.50 on Friday. Summit Therapeutics Inc. has a fifty-two week low of $2.10 and a fifty-two week high of $33.89. The stock has a fifty day moving average of $19.10 and a two-hundred day moving average of $17.75. The company has a market capitalization of $15.86 billion, a PE ratio of -76.78 and a beta of -0.87.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Wednesday, October 30th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.02). During the same quarter last year, the firm posted ($0.03) earnings per share. As a group, equities research analysts forecast that Summit Therapeutics Inc. will post -0.3 earnings per share 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.