Summit Therapeutics Inc. (NASDAQ:SMMT) Stock Position Decreased by Alliancebernstein L.P.

Alliancebernstein L.P. lowered its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT) by 8.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 87,520 shares of the company’s stock after selling 8,360 shares during the period. Alliancebernstein L.P.’s holdings in Summit Therapeutics were worth $1,562,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SMMT. Brooklyn Investment Group acquired a new position in Summit Therapeutics during the 4th quarter valued at about $29,000. Steward Partners Investment Advisory LLC raised its holdings in shares of Summit Therapeutics by 56.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after buying an additional 900 shares during the last quarter. Rakuten Securities Inc. acquired a new position in shares of Summit Therapeutics during the fourth quarter worth approximately $71,000. Avanza Fonder AB acquired a new position in shares of Summit Therapeutics during the fourth quarter worth approximately $115,000. Finally, Verus Capital Partners LLC bought a new position in Summit Therapeutics in the 4th quarter worth approximately $182,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SMMT shares. The Goldman Sachs Group assumed coverage on Summit Therapeutics in a report on Friday, February 28th. They set a “buy” rating and a $42.00 price target on the stock. Truist Financial started coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective on the stock. Evercore ISI began coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They set an “outperform” rating and a $30.00 target price for the company. StockNews.com upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Finally, Summit Redstone set a $35.00 price target on Summit Therapeutics in a research note on Wednesday, March 26th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $35.40.

Summit Therapeutics Price Performance

Summit Therapeutics stock opened at $24.61 on Friday. The company has a market cap of $18.15 billion, a price-to-earnings ratio of -87.89 and a beta of -0.46. The firm has a 50-day moving average of $20.02 and a 200-day moving average of $19.75. Summit Therapeutics Inc. has a one year low of $2.10 and a one year high of $33.89.

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

Summit Therapeutics Company Profile

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.