Corebridge Financial Inc. Has $869,000 Position in Summit Therapeutics PLC $SMMT

Corebridge Financial Inc. reduced its stake in Summit Therapeutics PLC (NASDAQ:SMMT) by 1.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,054 shares of the company’s stock after selling 668 shares during the period. Corebridge Financial Inc.’s holdings in Summit Therapeutics were worth $869,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Northern Trust Corp boosted its stake in shares of Summit Therapeutics by 1.6% in the 4th quarter. Northern Trust Corp now owns 871,402 shares of the company’s stock valued at $15,550,000 after purchasing an additional 14,075 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Summit Therapeutics in the 4th quarter valued at approximately $8,801,000. Deutsche Bank AG boosted its stake in shares of Summit Therapeutics by 20.4% in the 4th quarter. Deutsche Bank AG now owns 478,808 shares of the company’s stock valued at $8,547,000 after purchasing an additional 81,130 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Summit Therapeutics by 10.5% in the 4th quarter. Bank of America Corp DE now owns 431,568 shares of the company’s stock valued at $7,701,000 after purchasing an additional 40,908 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Summit Therapeutics by 2.2% in the 1st quarter. Bank of New York Mellon Corp now owns 340,775 shares of the company’s stock valued at $6,574,000 after purchasing an additional 7,265 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SMMT has been the topic of several recent research reports. JMP Securities reiterated a “market outperform” rating and set a $40.00 target price on shares of Summit Therapeutics in a research report on Wednesday. Wall Street Zen downgraded shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. Leerink Partnrs upgraded shares of Summit Therapeutics to a “strong sell” rating in a research report on Wednesday, June 11th. Piper Sandler initiated coverage on shares of Summit Therapeutics in a research report on Monday, August 18th. They set a “neutral” rating and a $21.00 target price on the stock. Finally, Summit Redstone set a $21.00 target price on shares of Summit Therapeutics in a research report on Tuesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $33.79.

Summit Therapeutics Stock Performance

Shares of NASDAQ SMMT opened at $25.98 on Friday. The company has a market capitalization of $19.30 billion, a P/E ratio of -25.72 and a beta of -1.02. Summit Therapeutics PLC has a 52-week low of $11.88 and a 52-week high of $36.91. The company’s 50 day moving average price is $25.85 and its 200-day moving average price is $23.20.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.66). Analysts forecast that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

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.