Franklin Resources Inc. Purchases 57,803 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Franklin Resources Inc. increased its holdings in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 56.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 161,079 shares of the company’s stock after purchasing an additional 57,803 shares during the period. Franklin Resources Inc.’s holdings in Summit Therapeutics were worth $2,874,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Summit Therapeutics by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock valued at $208,261,000 after purchasing an additional 724,040 shares in the last quarter. Geode Capital Management LLC raised its holdings in Summit Therapeutics by 4.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company’s stock worth $67,899,000 after purchasing an additional 135,981 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Summit Therapeutics by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,485,072 shares of the company’s stock valued at $26,501,000 after buying an additional 52,359 shares during the period. Pictet Asset Management Holding SA grew its stake in shares of Summit Therapeutics by 100.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company’s stock worth $24,755,000 after purchasing an additional 695,843 shares during the period. Finally, abrdn plc grew its position in shares of Summit Therapeutics by 13.6% during the 4th quarter. abrdn plc now owns 1,290,425 shares of the company’s stock worth $23,028,000 after buying an additional 154,139 shares during the period. 4.61% of the stock is owned by institutional investors.

Summit Therapeutics Stock Performance

Shares of SMMT opened at $23.24 on Friday. 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 $17.14 billion, a price-to-earnings ratio of -83.00 and a beta of -0.46. The stock has a fifty day moving average of $19.70 and a 200-day moving average of $19.66.

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

Analyst Ratings Changes

A number of analysts have recently commented on SMMT shares. Evercore ISI assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price objective on the stock. The Goldman Sachs Group began coverage on Summit Therapeutics in a research note on Friday, February 28th. They issued a “buy” rating and a $42.00 price target for the company. Cantor Fitzgerald started coverage on shares of Summit Therapeutics in a research report on Friday, March 21st. They set an “overweight” rating on the stock. Truist Financial began coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price target for the company. Finally, StockNews.com raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $35.40.

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.