DnB Asset Management AS Has $624,000 Stake in Summit Therapeutics Inc. (NASDAQ:SMMT)

DnB Asset Management AS boosted its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT) by 21.6% in the 4th quarter, HoldingsChannel.com reports. The firm owned 34,978 shares of the company’s stock after acquiring an additional 6,208 shares during the quarter. DnB Asset Management AS’s holdings in Summit Therapeutics were worth $624,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of SMMT. Brooklyn Investment Group bought a new position in shares of Summit Therapeutics in the fourth quarter valued at $29,000. Steward Partners Investment Advisory LLC raised its holdings in shares of Summit Therapeutics by 56.1% in 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 last quarter. Rakuten Securities Inc. bought a new position in Summit Therapeutics in the 4th quarter valued at about $71,000. Avanza Fonder AB bought a new position in Summit Therapeutics in the 4th quarter valued at about $115,000. Finally, Verus Capital Partners LLC acquired a new position in Summit Therapeutics during the 4th quarter valued at about $182,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on SMMT shares. StockNews.com upgraded Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. HC Wainwright restated a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, February 25th. 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. Cantor Fitzgerald started coverage on shares of Summit Therapeutics in a report on Friday, March 21st. They issued an “overweight” rating for the company. Finally, Citigroup upgraded shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and boosted their price target for the stock 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 given a buy rating to the stock. Based on data from MarketBeat, Summit Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $35.44.

Summit Therapeutics Stock Up 8.8 %

SMMT opened at $20.46 on Thursday. The company’s 50-day moving average price is $20.39 and its two-hundred day moving average price is $20.00. Summit Therapeutics Inc. has a twelve month low of $2.10 and a twelve month high of $33.89. The stock has a market cap of $15.09 billion, a price-to-earnings ratio of -73.07 and a beta of -1.04.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $0.20 million for the quarter. As a group, sell-side analysts anticipate that Summit Therapeutics Inc. will post -0.3 earnings per share for the current 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.