E Fund Management Co. Ltd. Has $5.29 Million Stake in Summit Therapeutics Inc. (NASDAQ:SMMT)

E Fund Management Co. Ltd. increased its stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 5.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 296,299 shares of the company’s stock after buying an additional 15,194 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Summit Therapeutics were worth $5,287,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its stake in shares of Summit Therapeutics by 3.7% in 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 purchasing an additional 52,359 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its stake in Summit Therapeutics by 56.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after buying an additional 900 shares in the last quarter. SVB Wealth LLC bought a new position in Summit Therapeutics in the fourth quarter valued at about $274,000. Verus Capital Partners LLC acquired a new position in Summit Therapeutics during the fourth quarter worth about $182,000. Finally, New York Life Investment Management LLC bought a new position in shares of Summit Therapeutics in the fourth quarter worth about $201,000. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Stock Performance

Shares of SMMT opened at $18.99 on Friday. The firm has a market capitalization of $14.01 billion, a P/E ratio of -67.82 and a beta of -0.88. Summit Therapeutics Inc. has a 52 week low of $2.10 and a 52 week high of $33.89. The stock has a 50 day moving average price of $20.00 and a two-hundred day moving average price of $19.47.

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, hitting the consensus estimate of ($0.08). The company had revenue of $0.20 million for the quarter. On average, equities analysts forecast that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Analysts Set New Price Targets

SMMT has been the topic of a number of research analyst reports. Truist Financial began coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price on the stock. StockNews.com upgraded Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday. HC Wainwright reiterated a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research report on Tuesday, February 25th. Wells Fargo & Company initiated coverage on Summit Therapeutics in a research note on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price target on the stock. Finally, Jefferies Financial Group started coverage on Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.63.

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.