SVB Wealth LLC Invests $274,000 in Summit Therapeutics Inc. (NASDAQ:SMMT)

SVB Wealth LLC acquired a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 15,350 shares of the company’s stock, valued at approximately $274,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Darwin Wealth Management LLC bought a new position in shares of Summit Therapeutics during the 3rd quarter worth about $25,000. Covestor Ltd boosted its position 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 worth $27,000 after purchasing an additional 1,190 shares in the last quarter. Brooklyn Investment Group bought a new position in shares of Summit Therapeutics during the 4th quarter worth about $29,000. Fred Alger Management LLC bought a new position in shares of Summit Therapeutics during the 3rd quarter worth about $105,000. Finally, Avanza Fonder AB bought a new position in shares of Summit Therapeutics during the 4th quarter worth about $115,000. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Stock Up 2.4 %

Summit Therapeutics stock opened at $19.55 on Thursday. Summit Therapeutics Inc. has a 52 week low of $2.10 and a 52 week high of $33.89. The company’s 50 day moving average price is $20.01 and its two-hundred day moving average price is $19.47. The stock has a market cap of $14.42 billion, a P/E ratio of -69.82 and a beta of -0.88.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on SMMT shares. 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 objective on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a research report on Tuesday, February 25th. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They issued a “buy” rating and a $31.00 price target on the stock. The Goldman Sachs Group started coverage on shares of Summit Therapeutics in a research report on Friday, February 28th. They issued a “buy” rating and a $42.00 price target on the stock. Finally, StockNews.com raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $34.63.

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.