National Bank of Canada FI Invests $30,000 in Summit Therapeutics Inc. (NASDAQ:SMMT)

National Bank of Canada FI bought a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 1,664 shares of the company’s stock, valued at approximately $30,000.

Several other institutional investors have also recently added to or reduced their stakes in SMMT. Franklin Resources Inc. boosted its position in shares of Summit Therapeutics by 56.0% in the 4th quarter. Franklin Resources Inc. now owns 161,079 shares of the company’s stock valued at $2,874,000 after purchasing an additional 57,803 shares during the period. DnB Asset Management AS lifted its stake in Summit Therapeutics by 21.6% in the fourth quarter. DnB Asset Management AS now owns 34,978 shares of the company’s stock valued at $624,000 after buying an additional 6,208 shares during the last quarter. Orion Portfolio Solutions LLC purchased a new position in shares of Summit Therapeutics during the fourth quarter worth approximately $193,000. Pictet Asset Management Holding SA grew its position in shares of Summit Therapeutics by 100.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company’s stock worth $24,755,000 after acquiring an additional 695,843 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Summit Therapeutics in the 4th quarter valued at $1,784,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Price Performance

Shares of SMMT stock 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 business’s fifty day moving average price is $19.70 and its 200 day moving average price is $19.66. The firm has a market capitalization of $17.14 billion, a PE ratio of -83.00 and a beta of -0.46.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on SMMT shares. Summit Redstone set a $35.00 target price on shares of Summit Therapeutics in a report on Wednesday, March 26th. Evercore ISI initiated coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They set an “outperform” rating and a $30.00 price objective for the company. StockNews.com upgraded Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. HC Wainwright reissued a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, February 25th. Finally, The Goldman Sachs Group started coverage on Summit Therapeutics in a report on Friday, February 28th. They set a “buy” rating and a $42.00 price target for the company. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $35.40.

Summit Therapeutics Company 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.