IvyRock Asset Management HK Ltd Takes $2.97 Million Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

IvyRock Asset Management HK Ltd bought a new stake in Summit Therapeutics Inc. (NASDAQ:SMMT) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 166,500 shares of the company’s stock, valued at approximately $2,972,000. Summit Therapeutics comprises 1.3% of IvyRock Asset Management HK Ltd’s holdings, making the stock its 11th biggest holding.

Several other institutional investors have also recently bought and sold shares of the company. Brooklyn Investment Group bought a new stake in Summit Therapeutics during the fourth quarter valued at about $29,000. Steward Partners Investment Advisory LLC boosted its stake 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 valued at $45,000 after purchasing an additional 900 shares during the period. Rakuten Securities Inc. bought a new stake in Summit Therapeutics during the 4th quarter valued at approximately $71,000. Fred Alger Management LLC acquired a new stake in Summit Therapeutics in the 3rd quarter valued at approximately $105,000. Finally, Avanza Fonder AB bought a new position in Summit Therapeutics in the 4th quarter worth approximately $115,000. Institutional investors own 4.61% of the company’s stock.

Wall Street Analyst Weigh In

SMMT has been the topic of several research analyst reports. Jefferies Financial Group assumed coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 price objective on the stock. 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 for the company. StockNews.com raised Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. HC Wainwright reaffirmed a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a report on Tuesday, February 25th. Finally, The Goldman Sachs Group assumed 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 on the stock. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $34.11.

Summit Therapeutics Stock Performance

Shares of Summit Therapeutics stock opened at $20.69 on Tuesday. Summit Therapeutics Inc. has a 52 week low of $2.10 and a 52 week high of $33.89. The stock has a market capitalization of $15.26 billion, a price-to-earnings ratio of -73.89 and a beta of -1.04. The firm has a fifty day moving average of $20.33 and a two-hundred day moving average of $20.12.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). The firm had revenue of $0.20 million during the quarter. As a group, research analysts forecast that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

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.