Mirae Asset Global Investments Co. Ltd. Purchases 5,247 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Mirae Asset Global Investments Co. Ltd. grew its position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 25.0% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 26,205 shares of the company’s stock after buying an additional 5,247 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Summit Therapeutics were worth $547,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of SMMT. Russell Investments Group Ltd. increased its position in Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after acquiring an additional 3,579 shares during the period. Virtu Financial LLC increased 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 worth $84,000 after purchasing an additional 3,846 shares during the period. Fullcircle Wealth LLC acquired a new stake in shares of Summit Therapeutics in the second quarter valued at approximately $95,000. EntryPoint Capital LLC acquired a new stake in shares of Summit Therapeutics in the first quarter valued at approximately $100,000. Finally, XTX Topco Ltd bought a new stake in shares of Summit Therapeutics in the second quarter valued at approximately $121,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Analysts Set New Price Targets

SMMT has been the subject of several analyst reports. HC Wainwright dropped their price objective on Summit Therapeutics from $45.00 to $44.00 and set a “buy” rating for the company in a report on Thursday. 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 research report on Wednesday, September 25th. Finally, Citigroup downgraded shares of 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 note on Friday, September 27th.

Summit Therapeutics Stock Performance

Shares of SMMT stock opened at $18.99 on Friday. Summit Therapeutics Inc. has a fifty-two week low of $1.64 and a fifty-two week high of $33.89. The stock’s fifty day moving average price is $19.96 and its two-hundred day moving average price is $11.92. The company has a market cap of $14.00 billion, a PE ratio of -67.82 and a beta of -0.92.

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

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.