Handelsbanken Fonder AB Increases Stock Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Handelsbanken Fonder AB boosted its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT) by 37.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,000 shares of the company’s stock after buying an additional 24,100 shares during the period. Handelsbanken Fonder AB’s holdings in Summit Therapeutics were worth $1,927,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wealth Management Partners LLC boosted its stake in Summit Therapeutics by 193.3% in the 1st quarter. Wealth Management Partners LLC now owns 44,000 shares of the company’s stock worth $182,000 after purchasing an additional 29,000 shares during the period. China Universal Asset Management Co. Ltd. increased its holdings in Summit Therapeutics by 66.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company’s stock worth $558,000 after acquiring an additional 53,774 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Summit Therapeutics by 131.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock worth $168,000 after acquiring an additional 22,977 shares during the period. Russell Investments Group Ltd. lifted its stake in Summit Therapeutics by 142.2% in the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after purchasing an additional 3,579 shares in the last quarter. Finally, ProShare Advisors LLC boosted its holdings in Summit Therapeutics by 9.4% in the 1st quarter. ProShare Advisors LLC now owns 69,995 shares of the company’s stock valued at $290,000 after purchasing an additional 6,035 shares during the period. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Trading Down 1.5 %

Shares of Summit Therapeutics stock opened at $18.61 on Friday. The firm has a market capitalization of $13.48 billion, a PE ratio of -116.31 and a beta of -0.97. Summit Therapeutics Inc. has a 12 month low of $1.64 and a 12 month high of $33.89. The business’s 50-day moving average price is $16.83 and its 200-day moving average price is $9.93.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. As a group, analysts predict that Summit Therapeutics Inc. will post -0.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Citigroup downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. HC Wainwright reaffirmed a “buy” rating and issued a $45.00 target price on shares of Summit Therapeutics in a research note on Friday, October 4th. Finally, Stifel Nicolaus increased their price target 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 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.