Bank of New York Mellon Corp Has $5.95 Million Stock Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Bank of New York Mellon Corp increased its position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 33.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 333,510 shares of the company’s stock after purchasing an additional 84,117 shares during the quarter. Bank of New York Mellon Corp’s holdings in Summit Therapeutics were worth $5,951,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in SMMT. Principal Financial Group Inc. increased its position in shares of Summit Therapeutics by 60.9% during the 3rd quarter. Principal Financial Group Inc. now owns 58,147 shares of the company’s stock worth $1,273,000 after purchasing an additional 22,014 shares in the last quarter. CIBC Asset Management Inc increased its position in shares of Summit Therapeutics by 3.8% during the 3rd quarter. CIBC Asset Management Inc now owns 20,445 shares of the company’s stock worth $448,000 after purchasing an additional 740 shares in the last quarter. Darwin Wealth Management LLC acquired a new stake in shares of Summit Therapeutics during the 3rd quarter worth about $25,000. Intech Investment Management LLC acquired a new stake in shares of Summit Therapeutics during the 3rd quarter worth about $694,000. Finally, HealthInvest Partners AB acquired a new stake in Summit Therapeutics in the 3rd quarter valued at about $1,884,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Stock Performance

Shares of SMMT opened at $20.79 on Monday. Summit Therapeutics Inc. has a twelve month low of $2.10 and a twelve month high of $33.89. The firm’s 50 day moving average price is $20.12 and its two-hundred day moving average price is $19.81. The firm has a market cap of $15.34 billion, a P/E ratio of -74.25 and a beta of -1.03.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). The company had revenue of $0.20 million during the quarter. On average, sell-side analysts anticipate that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Evercore ISI assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price objective for the company. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price objective for the company. Truist Financial assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective for the company. HC Wainwright restated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, February 25th. Finally, Jefferies Financial Group assumed coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They issued a “buy” rating and a $31.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.11.

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.