Summit Therapeutics Inc. (NASDAQ:SMMT) Stock Holdings Increased by Bank of America Corp DE

Bank of America Corp DE increased its position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 10.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 431,568 shares of the company’s stock after acquiring an additional 40,908 shares during the quarter. Bank of America Corp DE owned 0.06% of Summit Therapeutics worth $7,701,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Assenagon Asset Management S.A. acquired a new stake in shares of Summit Therapeutics in the fourth quarter worth about $229,000. Janney Montgomery Scott LLC boosted its stake in Summit Therapeutics by 39.4% during the fourth quarter. Janney Montgomery Scott LLC now owns 15,716 shares of the company’s stock worth $280,000 after buying an additional 4,443 shares in the last quarter. Griffin Asset Management Inc. raised its position in Summit Therapeutics by 63.3% in the fourth quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company’s stock worth $1,975,000 after purchasing an additional 42,900 shares in the last quarter. Five Pine Wealth Management acquired a new stake in Summit Therapeutics in the 4th quarter valued at $531,000. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in Summit Therapeutics by 12.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 156,366 shares of the company’s stock valued at $2,790,000 after purchasing an additional 17,014 shares during the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Stock Up 0.3%

Shares of NASDAQ:SMMT opened at $25.85 on Monday. Summit Therapeutics Inc. has a 12-month low of $2.10 and a 12-month high of $36.91. The company’s 50 day moving average price is $23.00 and its two-hundred day moving average price is $20.72. The firm has a market cap of $19.20 billion, a PE ratio of -92.32 and a beta of -0.94.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01. On average, research analysts expect that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have commented on SMMT. 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 restated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research report on Monday, April 28th. JMP Securities restated a “market outperform” rating and set a $40.00 price objective on shares of Summit Therapeutics in a report on Monday, April 28th. Evercore ISI started coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 target price for the company. Finally, TD Cowen raised Summit Therapeutics to a “strong-buy” rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Summit Therapeutics currently has a consensus rating of “Buy” and an average price target of $37.40.

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.