Summit Therapeutics Inc. (NASDAQ:SMMT) Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC lessened its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT) by 15.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,857 shares of the company’s stock after selling 11,138 shares during the quarter. ProShare Advisors LLC’s holdings in Summit Therapeutics were worth $459,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Russell Investments Group Ltd. boosted its holdings in shares of Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after acquiring an additional 3,579 shares during the period. Sectoral Asset Management Inc. boosted its holdings in shares of Summit Therapeutics by 50.0% during the fourth quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company’s stock valued at $78,000 after acquiring an additional 10,000 shares during the period. Virtu Financial LLC boosted its holdings in shares of Summit Therapeutics by 23.3% during the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after acquiring an additional 3,846 shares during the period. Fullcircle Wealth LLC acquired a new position in shares of Summit Therapeutics during the second quarter valued at $95,000. Finally, EntryPoint Capital LLC acquired a new position in shares of Summit Therapeutics during the first quarter valued at $100,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Stock Down 8.2 %

SMMT stock opened at $20.10 on Wednesday. The company has a market capitalization of $14.56 billion, a P/E ratio of -125.63 and a beta of -0.99. The company has a 50-day simple moving average of $15.82 and a 200 day simple moving average of $9.32. Summit Therapeutics Inc. has a fifty-two week low of $1.64 and a fifty-two week high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. Equities analysts anticipate that Summit Therapeutics Inc. will post -0.27 EPS for the current year.

Analyst Ratings Changes

SMMT has been the subject of several analyst reports. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their price target for the company from $19.00 to $23.00 in a report on Friday, September 27th. HC Wainwright upped their price objective on shares of Summit Therapeutics from $30.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Finally, Stifel Nicolaus upped their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th.

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.