Summit Therapeutics Inc. (NASDAQ:SMMT) Shares Purchased by MetLife Investment Management LLC

MetLife Investment Management LLC grew its holdings in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 7.7% during the fourth quarter, Holdings Channel reports. The firm owned 55,406 shares of the company’s stock after acquiring an additional 3,981 shares during the quarter. MetLife Investment Management LLC’s holdings in Summit Therapeutics were worth $989,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Brooklyn Investment Group acquired a new stake in Summit Therapeutics during the fourth quarter worth about $29,000. National Bank of Canada FI bought a new position in shares of Summit Therapeutics during the fourth quarter valued at approximately $30,000. Steward Partners Investment Advisory LLC raised 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 worth $45,000 after purchasing an additional 900 shares during the period. Rakuten Securities Inc. bought a new stake in shares of Summit Therapeutics in the 4th quarter worth approximately $71,000. Finally, Avanza Fonder AB acquired a new position in Summit Therapeutics during the 4th quarter valued at approximately $115,000. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Price Performance

SMMT opened at $27.90 on Friday. The business has a 50 day moving average price of $21.36 and a two-hundred day moving average price of $20.30. The company has a market capitalization of $20.58 billion, a price-to-earnings ratio of -99.64 and a beta of -0.46. Summit Therapeutics Inc. has a 1-year low of $2.10 and a 1-year high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.01. Equities analysts expect that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SMMT has been the topic of several analyst reports. Summit Redstone set a $35.00 target price on Summit Therapeutics in a research report on Wednesday, March 26th. HC Wainwright reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a report on Monday. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. Evercore ISI began coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 target price for the company. Finally, Citigroup raised Summit Therapeutics from a “neutral” rating to a “buy” rating and lifted their price target for the company from $23.00 to $35.00 in a report on Wednesday, March 26th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $37.40.

Summit Therapeutics Company 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.