Bank of New York Mellon Corp Cuts Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Bank of New York Mellon Corp lessened its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT) by 7.1% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 280,365 shares of the company’s stock after selling 21,334 shares during the period. Bank of New York Mellon Corp’s holdings in Summit Therapeutics were worth $2,187,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in Summit Therapeutics by 131.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock valued at $168,000 after purchasing an additional 22,977 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Summit Therapeutics by 3.6% during the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock worth $30,095,000 after acquiring an additional 254,261 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Summit Therapeutics by 18.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock worth $138,000 after acquiring an additional 5,139 shares in the last quarter. Virtu Financial LLC lifted its position in shares of Summit Therapeutics by 23.3% during the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after acquiring an additional 3,846 shares in the last quarter. Finally, ProShare Advisors LLC lifted its position in shares of Summit Therapeutics by 9.4% during the first quarter. ProShare Advisors LLC now owns 69,995 shares of the company’s stock worth $290,000 after acquiring an additional 6,035 shares in the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Stock Down 11.1 %

Shares of SMMT opened at $26.22 on Wednesday. The company has a market capitalization of $18.41 billion, a P/E ratio of -163.88 and a beta of -0.99. The firm has a 50 day moving average of $13.13 and a 200 day moving average of $8.05. Summit Therapeutics Inc. has a twelve month low of $1.64 and a twelve month high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. On average, sell-side analysts expect that Summit Therapeutics Inc. will post -0.27 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Citigroup increased their target price on Summit Therapeutics from $13.00 to $19.00 and gave the stock a “buy” rating in a research report on Monday, September 9th. Stifel Nicolaus increased their target price on Summit Therapeutics from $14.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, September 9th. Finally, HC Wainwright upped their price target on shares of Summit Therapeutics from $30.00 to $45.00 and gave the company a “buy” rating in a research report on Monday.

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.