Griffin Asset Management Inc. Buys New Shares in Summit Therapeutics Inc. (NASDAQ:SMMT)

Griffin Asset Management Inc. bought a new stake in Summit Therapeutics Inc. (NASDAQ:SMMT) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 67,760 shares of the company’s stock, valued at approximately $1,484,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SMMT. Russell Investments Group Ltd. boosted its holdings in Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after purchasing an additional 3,579 shares during the period. Virtu Financial LLC boosted its holdings in Summit Therapeutics by 23.3% in the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after purchasing an additional 3,846 shares during the period. Fullcircle Wealth LLC purchased a new position in Summit Therapeutics in the second quarter valued at $95,000. EntryPoint Capital LLC purchased a new stake in Summit Therapeutics during the 1st quarter worth about $100,000. Finally, XTX Topco Ltd purchased a new stake in Summit Therapeutics during the 2nd quarter worth about $121,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Stock Performance

SMMT opened at $21.84 on Wednesday. The business’s 50-day simple moving average is $17.63 and its 200-day simple moving average is $10.44. Summit Therapeutics Inc. has a one year low of $1.64 and a one year high of $33.89. The stock has a market capitalization of $15.33 billion, a P/E ratio of -136.50 and a beta of -0.97.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. On average, equities research analysts forecast that Summit Therapeutics Inc. will post -0.27 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SMMT. Citigroup downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $19.00 to $23.00 in a report on Friday, September 27th. HC Wainwright reaffirmed a “buy” rating and set a $45.00 price target on shares of Summit Therapeutics in a report on Friday, October 4th. Finally, Stifel Nicolaus lifted their price target on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th.

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.