Tema Etfs LLC Acquires New Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Tema Etfs LLC acquired a new stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) during the 4th quarter, Holdings Channel reports. The fund acquired 26,641 shares of the company’s stock, valued at approximately $475,000.

Several other institutional investors also recently bought and sold shares of the company. Brooklyn Investment Group purchased a new stake in shares of Summit Therapeutics during the 4th quarter valued at about $29,000. National Bank of Canada FI purchased a new stake in shares of Summit Therapeutics during the 4th quarter valued at about $30,000. Steward Partners Investment Advisory LLC boosted its holdings 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 valued at $45,000 after acquiring an additional 900 shares during the last quarter. Rakuten Securities Inc. purchased a new stake in shares of Summit Therapeutics during the 4th quarter valued at about $71,000. Finally, Avanza Fonder AB purchased a new stake in shares of Summit Therapeutics during the 4th quarter valued at about $115,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SMMT has been the topic of a number of recent analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a report on Wednesday, April 23rd. The Goldman Sachs Group raised their price target on shares of Summit Therapeutics from $37.00 to $41.00 and gave the company a “buy” rating in a report on Friday, May 2nd. Evercore ISI started coverage on shares of Summit Therapeutics in a report on Wednesday, March 12th. They set an “outperform” rating and a $30.00 price target on the stock. TD Cowen upgraded shares of Summit Therapeutics to a “strong-buy” rating in a research note on Thursday, May 8th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research note on Monday, April 28th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Summit Therapeutics currently has an average rating of “Buy” and a consensus target price of $37.40.

Summit Therapeutics Trading Up 3.4%

NASDAQ SMMT opened at $23.87 on Friday. Summit Therapeutics Inc. has a 12 month low of $2.10 and a 12 month high of $36.91. The stock has a market cap of $17.73 billion, a price-to-earnings ratio of -85.25 and a beta of -0.94. The company’s 50 day moving average is $22.49 and its two-hundred day moving average is $20.54.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. Sell-side analysts forecast that Summit Therapeutics Inc. will post -0.3 EPS for the current 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.