Norges Bank Purchases New Shares in Summit Therapeutics Inc. (NASDAQ:SMMT)

Norges Bank acquired a new stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) during the fourth quarter, HoldingsChannel reports. The fund acquired 100,000 shares of the company’s stock, valued at approximately $1,784,000.

Several other institutional investors and hedge funds have also recently modified their holdings of SMMT. Griffin Asset Management Inc. raised its stake in Summit Therapeutics by 63.3% in the fourth quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company’s stock worth $1,975,000 after buying an additional 42,900 shares in the last quarter. SeaCrest Wealth Management LLC purchased a new position in shares of Summit Therapeutics during the 4th quarter worth approximately $444,000. China Universal Asset Management Co. Ltd. raised its position in shares of Summit Therapeutics by 12.2% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 156,366 shares of the company’s stock worth $2,790,000 after acquiring an additional 17,014 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Summit Therapeutics by 252.8% in the 4th quarter. Principal Financial Group Inc. now owns 205,150 shares of the company’s stock valued at $3,661,000 after purchasing an additional 147,003 shares during the period. Finally, Franklin Resources Inc. bought a new stake in shares of Summit Therapeutics during the third quarter valued at approximately $2,091,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Price Performance

Shares of NASDAQ:SMMT opened at $23.24 on Friday. Summit Therapeutics Inc. has a 1 year low of $2.10 and a 1 year high of $33.89. The company has a market cap of $17.14 billion, a P/E ratio of -83.00 and a beta of -0.46. The stock’s fifty day moving average price is $19.70 and its 200-day moving average price is $19.66.

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

Analyst Upgrades and Downgrades

SMMT has been the subject of several recent research reports. Cantor Fitzgerald assumed coverage on Summit Therapeutics in a research report on Friday, March 21st. They set an “overweight” rating for the company. The Goldman Sachs Group assumed coverage on shares of Summit Therapeutics in a research note on Friday, February 28th. They issued a “buy” rating and a $42.00 price target for the company. Citigroup raised shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $23.00 to $35.00 in a research note on Wednesday, March 26th. Evercore ISI initiated coverage on shares of Summit Therapeutics in a research note on Wednesday, March 12th. They set an “outperform” rating and a $30.00 target price for the company. Finally, Summit Redstone set a $35.00 price target on Summit Therapeutics in a research report on Wednesday, March 26th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $35.40.

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.