Bank of Montreal Can Sells 13,350 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Bank of Montreal Can cut its position in Summit Therapeutics Inc. (NASDAQ:SMMT) by 13.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 84,225 shares of the company’s stock after selling 13,350 shares during the period. Bank of Montreal Can’s holdings in Summit Therapeutics were worth $1,503,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock valued at $208,261,000 after purchasing an additional 724,040 shares during the last quarter. Geode Capital Management LLC raised its position in Summit Therapeutics by 3.3% in the 4th quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company’s stock worth $57,133,000 after buying an additional 101,039 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Summit Therapeutics by 3.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,485,072 shares of the company’s stock valued at $26,501,000 after acquiring an additional 52,359 shares during the period. Pictet Asset Management Holding SA raised its holdings 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 valued at $24,755,000 after purchasing an additional 695,843 shares during the last quarter. Finally, abrdn plc boosted its holdings in Summit Therapeutics by 13.6% in the fourth quarter. abrdn plc now owns 1,290,425 shares of the company’s stock worth $23,028,000 after purchasing an additional 154,139 shares during the last quarter. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Trading Up 6.8 %

Shares of SMMT stock opened at $24.61 on Friday. The stock’s 50-day moving average price is $20.02 and its 200-day moving average price is $19.75. Summit Therapeutics Inc. has a 12-month low of $2.10 and a 12-month high of $33.89. The stock has a market capitalization of $18.15 billion, a price-to-earnings ratio of -87.89 and a beta of -0.46.

Summit Therapeutics (NASDAQ:SMMT) last released 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 business had revenue of $0.20 million for the quarter. As a group, research analysts predict that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SMMT has been the subject of several research analyst reports. Citigroup raised Summit Therapeutics from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $23.00 to $35.00 in a report on Wednesday, March 26th. Summit Redstone set a $35.00 price objective on shares of Summit Therapeutics in a research note on Wednesday, March 26th. Evercore ISI assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They set an “outperform” rating and a $30.00 target price for the company. HC Wainwright reiterated a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a research note on Tuesday, February 25th. Finally, The Goldman Sachs Group initiated coverage on Summit Therapeutics in a research report on Friday, February 28th. They set a “buy” rating and a $42.00 target price on the stock. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $35.40.

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.