Candriam S.C.A. Trims Stock Holdings in Summit Therapeutics Inc. (NASDAQ:SMMT)

Candriam S.C.A. reduced its holdings in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 0.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 842,551 shares of the company’s stock after selling 7,852 shares during the quarter. Candriam S.C.A.’s holdings in Summit Therapeutics were worth $15,035,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Darwin Wealth Management LLC purchased a new stake in shares of Summit Therapeutics during the third quarter worth $25,000. Covestor Ltd raised its stake in shares of Summit Therapeutics by 2,767.4% during the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after purchasing an additional 1,190 shares during the period. Brooklyn Investment Group bought a new stake in shares of Summit Therapeutics during the 4th quarter valued at $29,000. Steward Partners Investment Advisory LLC lifted its holdings in Summit Therapeutics by 56.1% during the 4th 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 in the last quarter. Finally, Fred Alger Management LLC bought a new position in Summit Therapeutics in the 3rd quarter worth about $105,000. 4.61% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group initiated coverage on Summit Therapeutics in a research report on Friday, February 28th. They set a “buy” rating and a $42.00 price target on the stock. Truist Financial started coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective for the company. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 target price on the stock. HC Wainwright restated a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a research report on Tuesday, February 25th. Finally, Wells Fargo & Company started coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price target on the stock. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.63.

Summit Therapeutics Price Performance

Shares of SMMT opened at $18.99 on Friday. Summit Therapeutics Inc. has a 1-year low of $2.10 and a 1-year high of $33.89. The company has a market capitalization of $14.01 billion, a P/E ratio of -67.82 and a beta of -0.88. The firm’s 50 day simple moving average is $20.00 and its 200 day simple moving average is $19.47.

Summit Therapeutics (NASDAQ:SMMT) last posted 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 company had revenue of $0.20 million for the quarter. On average, equities analysts anticipate that Summit Therapeutics Inc. will post -0.3 earnings per share 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.