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

E Fund Management Co. Ltd. grew its stake in Summit Therapeutics Inc. (NASDAQ:SMMT) by 5.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm 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.

Several other large investors also recently made changes to their positions in the stock. Baker BROS. Advisors LP raised its position in Summit Therapeutics by 5.2% in the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after buying an additional 1,202,643 shares during the last quarter. FMR LLC grew its stake in shares of Summit Therapeutics by 9.8% during the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after acquiring an additional 737,692 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Summit Therapeutics by 53.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock valued at $31,376,000 after purchasing an additional 497,984 shares during the last quarter. abrdn plc lifted its position in shares of 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 in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Summit Therapeutics by 252.8% during the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company’s stock worth $3,661,000 after purchasing an additional 147,003 shares during the last quarter. Institutional investors own 4.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SMMT shares. Wells Fargo & Company started coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price target on the stock. StockNews.com raised Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday. Truist Financial began coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target for the company. The Goldman Sachs Group assumed coverage on Summit Therapeutics in a research report on Friday, February 28th. They set a “buy” rating and a $42.00 price target on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, February 25th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Summit Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $34.63.

Summit Therapeutics Trading Down 2.9 %

Shares of NASDAQ SMMT opened at $18.99 on Friday. The company 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 12 month low of $2.10 and a 12 month high of $33.89. The stock has a 50 day moving average of $20.00 and a 200-day moving average of $19.47.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Monday, February 24th. The company reported ($0.08) EPS for the quarter, hitting analysts’ consensus estimates of ($0.08). The company had revenue of $0.20 million for the quarter. Analysts predict that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Summit Therapeutics 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.