Virtu Financial LLC Sells 15,365 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Virtu Financial LLC lowered its stake in Summit Therapeutics Inc. (NASDAQ:SMMT) by 36.4% in the 4th quarter, Holdings Channel reports. The firm owned 26,878 shares of the company’s stock after selling 15,365 shares during the quarter. Virtu Financial LLC’s holdings in Summit Therapeutics were worth $480,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Brooklyn Investment Group purchased a new stake in shares of Summit Therapeutics in the fourth quarter worth about $29,000. Steward Partners Investment Advisory LLC increased its holdings in 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 acquiring an additional 900 shares during the period. Rakuten Securities Inc. purchased a new stake in Summit Therapeutics in the 4th quarter worth approximately $71,000. Fred Alger Management LLC bought a new position in Summit Therapeutics in the 3rd quarter valued at $105,000. Finally, Avanza Fonder AB purchased a new position in shares of Summit Therapeutics during the 4th quarter valued at $115,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Stock Performance

Shares of Summit Therapeutics stock opened at $20.24 on Wednesday. Summit Therapeutics Inc. has a 52-week low of $2.10 and a 52-week high of $33.89. The company has a fifty day moving average of $20.41 and a 200-day moving average of $20.18. The stock has a market capitalization of $14.93 billion, a price-to-earnings ratio of -72.28 and a beta of -1.04.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). The business had revenue of $0.20 million for the quarter. On average, equities research analysts forecast that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on SMMT shares. Evercore ISI began coverage on Summit Therapeutics in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price objective on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a report on Tuesday, February 25th. Wells Fargo & Company began coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price objective on the stock. StockNews.com upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Finally, Jefferies Financial Group started coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 price target on the stock. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Summit Therapeutics has an average rating of “Moderate Buy” and an average price target 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.