JPMorgan Chase & Co. Sells 23,068 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

JPMorgan Chase & Co. trimmed its stake in Summit Therapeutics Inc. (NASDAQ:SMMT) by 14.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 139,581 shares of the company’s stock after selling 23,068 shares during the period. JPMorgan Chase & Co.’s holdings in Summit Therapeutics were worth $2,491,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Summit Therapeutics by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock worth $208,261,000 after buying an additional 724,040 shares in the last quarter. IvyRock Asset Management HK Ltd bought a new stake in Summit Therapeutics in the fourth quarter valued at $2,972,000. abrdn plc raised its stake in Summit Therapeutics by 13.6% during the fourth quarter. abrdn plc now owns 1,290,425 shares of the company’s stock worth $23,028,000 after acquiring an additional 154,139 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Summit Therapeutics by 252.8% during the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company’s stock valued at $3,661,000 after acquiring an additional 147,003 shares during the period. Finally, Sovran Advisors LLC acquired a new stake in shares of Summit Therapeutics in the 4th quarter valued at $1,951,000. Institutional investors own 4.61% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Summit Redstone set a $35.00 price objective on Summit Therapeutics in a research note on Wednesday, March 26th. StockNews.com upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Citigroup raised shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $23.00 to $35.00 in a report on Wednesday, March 26th. HC Wainwright reaffirmed a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research note on Tuesday, February 25th. Finally, Truist Financial initiated coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $35.40.

Summit Therapeutics Stock Performance

Shares of SMMT opened at $33.27 on Thursday. The firm has a market cap of $24.54 billion, a PE ratio of -118.82 and a beta of -0.46. Summit Therapeutics Inc. has a 52-week low of $2.10 and a 52-week high of $33.89. The business’s 50 day moving average price is $20.59 and its two-hundred day moving average price is $19.98.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data 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 for the quarter. Research analysts predict that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal 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.