26,641 Shares in Summit Therapeutics Inc. (NASDAQ:SMMT) Acquired by NEOS Investment Management LLC

NEOS Investment Management LLC purchased a new stake in Summit Therapeutics Inc. (NASDAQ:SMMT) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 26,641 shares of the company’s stock, valued at approximately $475,000.

Several other institutional investors have also added to or reduced their stakes in SMMT. Steward Partners Investment Advisory LLC boosted its position 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 purchasing an additional 900 shares in the last quarter. CIBC Asset Management Inc increased its holdings in Summit Therapeutics by 5.5% during the 4th quarter. CIBC Asset Management Inc now owns 21,577 shares of the company’s stock worth $385,000 after purchasing an additional 1,132 shares in the last quarter. Brooklyn Investment Group bought a new stake in Summit Therapeutics during the fourth quarter worth $29,000. Rakuten Securities Inc. purchased a new stake in shares of Summit Therapeutics in the fourth quarter valued at about $71,000. Finally, Janney Montgomery Scott LLC increased its stake in Summit Therapeutics by 39.4% in the 4th quarter. Janney Montgomery Scott LLC now owns 15,716 shares of the company’s stock valued at $280,000 after buying an additional 4,443 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Stock Performance

NASDAQ:SMMT opened at $20.32 on Monday. Summit Therapeutics Inc. has a fifty-two week low of $2.10 and a fifty-two week high of $33.89. The firm has a market cap of $14.99 billion, a PE ratio of -72.57 and a beta of -1.04. The business has a 50 day moving average price of $20.51 and a 200-day moving average price of $20.15.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The business had revenue of $0.20 million during the quarter. Research analysts predict that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SMMT shares. Evercore ISI initiated coverage on Summit Therapeutics in a research report on Wednesday, March 12th. They set an “outperform” rating and a $30.00 target price for the company. The Goldman Sachs Group initiated coverage on shares of Summit Therapeutics in a report on Friday, February 28th. They set a “buy” rating and a $42.00 target price on the stock. HC Wainwright reiterated a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a research report on Tuesday, February 25th. Cantor Fitzgerald began coverage on Summit Therapeutics in a research report on Friday, March 21st. They issued an “overweight” rating on the stock. Finally, Citigroup raised shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and raised their target price for the company from $23.00 to $35.00 in a research note on Wednesday, March 26th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $35.44.

About Summit Therapeutics

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.