Northern Trust Corp Has $15.55 Million Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Northern Trust Corp raised its position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 1.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 871,402 shares of the company’s stock after purchasing an additional 14,075 shares during the quarter. Northern Trust Corp owned 0.12% of Summit Therapeutics worth $15,550,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Griffin Asset Management Inc. raised its position in Summit Therapeutics by 63.3% during the fourth quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company’s stock valued at $1,975,000 after buying an additional 42,900 shares during the period. SeaCrest Wealth Management LLC acquired a new position in shares of Summit Therapeutics in the 4th quarter valued at about $444,000. China Universal Asset Management Co. Ltd. increased its holdings 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 valued at $2,790,000 after purchasing an additional 17,014 shares during the period. Wells Fargo & Company MN increased its holdings in shares of Summit Therapeutics by 79.2% in the 4th quarter. Wells Fargo & Company MN now owns 95,265 shares of the company’s stock valued at $1,700,000 after purchasing an additional 42,090 shares during the period. Finally, Principal Financial Group Inc. increased its holdings 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. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Stock Performance

Shares of NASDAQ SMMT opened at $22.75 on Thursday. The firm has a market cap of $16.90 billion, a price-to-earnings ratio of -81.25 and a beta of -0.94. The business’s 50-day simple moving average is $22.28 and its 200-day simple moving average is $20.50. Summit Therapeutics Inc. has a 52 week low of $2.10 and a 52 week high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01. As a group, equities research analysts forecast that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on SMMT. TD Cowen upgraded shares of Summit Therapeutics to a “strong-buy” rating in a research note on Thursday, May 8th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. Citigroup raised shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and upped their price target for the stock from $23.00 to $35.00 in a research note on Wednesday, March 26th. The Goldman Sachs Group upped their target price on Summit Therapeutics from $37.00 to $41.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. Finally, Jefferies Financial Group set a $44.00 target price on Summit Therapeutics and gave the stock a “buy” rating in a research report on Friday, April 25th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $37.40.

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.