Federated Hermes Inc. Reduces Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Federated Hermes Inc. trimmed its position in Summit Therapeutics Inc. (NASDAQ:SMMT) by 31.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,316 shares of the company’s stock after selling 5,561 shares during the quarter. Federated Hermes Inc.’s holdings in Summit Therapeutics were worth $32,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Summit Therapeutics by 55.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,727 shares of the company’s stock valued at $104,000 after acquiring an additional 14,098 shares during the period. China Universal Asset Management Co. Ltd. grew its stake in shares of Summit Therapeutics by 352.8% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 81,071 shares of the company’s stock worth $212,000 after purchasing an additional 63,168 shares during the last quarter. Wealth Management Partners LLC purchased a new position in Summit Therapeutics during the 4th quarter valued at about $39,000. Exchange Traded Concepts LLC raised its position in Summit Therapeutics by 34.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 74,971 shares of the company’s stock valued at $196,000 after purchasing an additional 19,011 shares during the last quarter. Finally, Rathbones Group PLC purchased a new stake in Summit Therapeutics in the 3rd quarter worth approximately $57,000. 4.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SMMT. Citigroup started coverage on Summit Therapeutics in a research note on Tuesday. They set a “buy” rating and a $7.00 target price on the stock. Stifel Nicolaus initiated coverage on shares of Summit Therapeutics in a research report on Tuesday, March 26th. They set a “buy” rating and a $8.00 price objective on the stock.

Insider Buying and Selling at Summit Therapeutics

In other Summit Therapeutics news, CEO Mahkam Zanganeh bought 30,000 shares of Summit Therapeutics stock in a transaction dated Tuesday, March 26th. The shares were purchased at an average cost of $3.75 per share, with a total value of $112,500.00. Following the transaction, the chief executive officer now directly owns 30,000 shares of the company’s stock, valued at $112,500. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Summit Therapeutics news, CEO Mahkam Zanganeh bought 30,000 shares of the stock in a transaction dated Tuesday, March 26th. The stock was purchased at an average cost of $3.75 per share, for a total transaction of $112,500.00. Following the completion of the acquisition, the chief executive officer now owns 30,000 shares of the company’s stock, valued at $112,500. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Ankur Dhingra purchased 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 26th. The stock was bought at an average price of $3.75 per share, for a total transaction of $375,000.00. Following the purchase, the chief financial officer now directly owns 354,958 shares in the company, valued at $1,331,092.50. The disclosure for this purchase can be found here. Insiders own 83.70% of the company’s stock.

Summit Therapeutics Stock Performance

Summit Therapeutics stock opened at $5.31 on Wednesday. Summit Therapeutics Inc. has a fifty-two week low of $1.50 and a fifty-two week high of $5.35. The stock’s 50 day simple moving average is $4.06 and its two-hundred day simple moving average is $3.31. The company has a debt-to-equity ratio of 2.26, a quick ratio of 6.97 and a current ratio of 6.97. The stock has a market cap of $3.73 billion, a price-to-earnings ratio of -33.19 and a beta of -1.13.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Tuesday, February 20th. The company reported ($0.05) EPS for the quarter. The firm had revenue of $0.20 million during the quarter. As a group, analysts expect that Summit Therapeutics Inc. will post -0.25 earnings per share 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.