Skandinaviska Enskilda Banken AB publ Takes Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Skandinaviska Enskilda Banken AB publ bought a new position in Summit Therapeutics Inc. (NASDAQ:SMMT) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 32,663 shares of the company’s stock, valued at approximately $586,000.

Several other hedge funds have also bought and sold shares of SMMT. CIBC Asset Management Inc lifted its stake in shares of Summit Therapeutics by 3.8% in the third quarter. CIBC Asset Management Inc now owns 20,445 shares of the company’s stock valued at $448,000 after buying an additional 740 shares in the last quarter. 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. Darwin Wealth Management LLC bought a new position in Summit Therapeutics in the 3rd quarter valued at about $25,000. Brooklyn Investment Group bought a new stake in Summit Therapeutics during the 4th quarter worth approximately $29,000. Finally, Rakuten Securities Inc. purchased a new stake in shares of Summit Therapeutics in the fourth quarter worth approximately $71,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Trading Down 3.2 %

NASDAQ:SMMT opened at $20.13 on Tuesday. Summit Therapeutics Inc. has a 12 month low of $2.10 and a 12 month high of $33.89. The firm’s 50 day moving average is $20.17 and its 200 day moving average is $19.86. The stock has a market capitalization of $14.85 billion, a PE ratio of -71.89 and a beta of -1.04.

Summit Therapeutics (NASDAQ:SMMT) last issued its 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 firm had revenue of $0.20 million during the quarter. Research analysts predict that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SMMT shares. StockNews.com raised Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. The Goldman Sachs Group started coverage on shares of Summit Therapeutics in a research note on Friday, February 28th. They issued a “buy” rating and a $42.00 target price for the company. Truist Financial started coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target on the stock. HC Wainwright reiterated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, February 25th. Finally, Jefferies Financial Group initiated coverage on Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 target price on the stock. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Summit Therapeutics currently has an average rating of “Moderate Buy” and an average target price 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.