94,760 Shares in Summit Therapeutics Inc. (NASDAQ:SMMT) Purchased by Artisan Partners Limited Partnership

Artisan Partners Limited Partnership acquired a new position in Summit Therapeutics Inc. (NASDAQ:SMMT) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 94,760 shares of the company’s stock, valued at approximately $1,691,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Brooklyn Investment Group bought a new stake in shares of Summit Therapeutics in the 4th quarter worth approximately $29,000. Steward Partners Investment Advisory LLC lifted its position in shares of Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after buying an additional 900 shares during the last quarter. Rakuten Securities Inc. purchased a new position in shares of Summit Therapeutics during the 4th quarter valued at $71,000. Fred Alger Management LLC bought a new position in shares of Summit Therapeutics during the 3rd quarter worth $105,000. Finally, Avanza Fonder AB bought a new stake in Summit Therapeutics in the 4th quarter valued at about $115,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Trading Down 1.4 %

Shares of SMMT opened at $20.32 on Friday. The stock has a 50-day moving average price of $20.51 and a 200-day moving average price of $20.17. The company has a market cap of $14.99 billion, a PE ratio of -72.57 and a beta of -1.04. Summit Therapeutics Inc. has a 12-month low of $2.10 and a 12-month high of $33.89.

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

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SMMT. Wells Fargo & Company assumed 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. StockNews.com raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. 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 report on Wednesday. Evercore ISI initiated coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They set an “outperform” rating and a $30.00 price objective on the stock. Finally, Jefferies Financial Group initiated coverage on Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 target price for the company. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $35.44.

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.