4,000 Shares in Summit Therapeutics Inc. (NASDAQ:SMMT) Bought by Rakuten Securities Inc.

Rakuten Securities Inc. acquired a new position in Summit Therapeutics Inc. (NASDAQ:SMMT) during the 4th quarter, HoldingsChannel reports. The fund acquired 4,000 shares of the company’s stock, valued at approximately $71,000.

Several other institutional investors also recently modified their holdings of the business. Darwin Wealth Management LLC acquired a new position in Summit Therapeutics in the third quarter valued at $25,000. Covestor Ltd lifted its holdings in Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after buying an additional 1,190 shares during the period. Brooklyn Investment Group acquired a new position in Summit Therapeutics in the fourth quarter valued at $29,000. Steward Partners Investment Advisory LLC lifted its holdings in Summit Therapeutics by 56.1% in the fourth 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 period. Finally, Fred Alger Management LLC acquired a new position in Summit Therapeutics in the third quarter valued at $105,000. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Trading Up 7.6 %

Shares of NASDAQ SMMT opened at $19.91 on Thursday. Summit Therapeutics Inc. has a 1-year low of $2.10 and a 1-year high of $33.89. The firm has a market capitalization of $14.69 billion, a P/E ratio of -71.10 and a beta of -1.03. The firm’s 50-day moving average price is $20.05 and its 200-day moving average price is $19.67.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results 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 research analysts forecast that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Summit Therapeutics in a report on Friday, February 28th. They issued a “buy” rating and a $42.00 target price on the stock. Evercore ISI assumed coverage on shares of Summit Therapeutics in a report on Wednesday. They issued an “outperform” rating and a $30.00 target price on the stock. StockNews.com upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. Truist Financial began coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective on the stock. Finally, Jefferies Financial Group began coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $34.11.

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.