Summit Therapeutics Inc. (NASDAQ:SMMT) Holdings Raised by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. raised its stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 3.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,485,072 shares of the company’s stock after buying an additional 52,359 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Summit Therapeutics were worth $26,501,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Darwin Wealth Management LLC acquired a new stake in Summit Therapeutics during the third quarter valued at $25,000. Brooklyn Investment Group acquired a new stake in shares of Summit Therapeutics during the 4th quarter valued at about $29,000. Steward Partners Investment Advisory LLC grew its stake in shares of Summit Therapeutics by 56.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after buying an additional 900 shares in the last quarter. Fred Alger Management LLC acquired a new position in Summit Therapeutics in the third quarter worth approximately $105,000. Finally, Avanza Fonder AB bought a new position in Summit Therapeutics during the fourth quarter valued at approximately $115,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Stock Performance

NASDAQ SMMT opened at $20.13 on Tuesday. The stock has a 50-day simple moving average of $20.17 and a 200 day simple moving average of $19.86. Summit Therapeutics Inc. has a twelve month low of $2.10 and a twelve month high of $33.89. The stock has a market capitalization of $14.85 billion, a PE ratio of -71.89 and a beta of -1.04.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Monday, February 24th. The company reported ($0.08) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08). The business had revenue of $0.20 million for the quarter. As a group, equities research analysts forecast that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SMMT. The Goldman Sachs Group started coverage on shares of Summit Therapeutics in a research note on Friday, February 28th. They set a “buy” rating and a $42.00 price target on the stock. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a research report on Tuesday, February 25th. Jefferies Financial Group assumed coverage on Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 price target for the company. Finally, StockNews.com raised Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $34.11.

About Summit Therapeutics

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.