Price T Rowe Associates Inc. MD Purchases 1,118,270 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Price T Rowe Associates Inc. MD boosted its position in Summit Therapeutics Inc. (NASDAQ:SMMT) by 20.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,557,927 shares of the company’s stock after buying an additional 1,118,270 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in Summit Therapeutics were worth $116,995,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Brooklyn Investment Group bought a new position in shares of Summit Therapeutics during the 4th quarter worth approximately $29,000. National Bank of Canada FI bought a new stake in shares of Summit Therapeutics in the fourth quarter worth $30,000. Steward Partners Investment Advisory LLC boosted its holdings in Summit Therapeutics by 56.1% during the fourth 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 last quarter. Rakuten Securities Inc. bought a new position in Summit Therapeutics in the fourth quarter valued at $71,000. Finally, Avanza Fonder AB acquired a new stake in Summit Therapeutics in the 4th quarter valued at $115,000. Institutional investors own 4.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Jefferies Financial Group set a $44.00 price objective on shares of Summit Therapeutics and gave the stock a “buy” rating in a research note on Friday. Evercore ISI assumed coverage on Summit Therapeutics in a research report on Wednesday, March 12th. They set an “outperform” rating and a $30.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a research report on Tuesday, February 25th. StockNews.com upgraded Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $36.70.

Summit Therapeutics Trading Down 36.0 %

Shares of NASDAQ SMMT opened at $23.47 on Monday. Summit Therapeutics Inc. has a 12 month low of $2.10 and a 12 month high of $36.91. The stock has a 50 day moving average of $20.95 and a 200-day moving average of $20.15. The company has a market capitalization of $17.31 billion, a P/E ratio of -83.82 and a beta of -0.46.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Monday, February 24th. The company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). The company had revenue of $0.20 million during the quarter. Analysts predict that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

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.