Summit Therapeutics Inc. (NASDAQ:SMMT) Shares Bought by Sargent Investment Group LLC

Sargent Investment Group LLC increased its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT) by 620.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,000 shares of the company’s stock after buying an additional 62,000 shares during the quarter. Sargent Investment Group LLC’s holdings in Summit Therapeutics were worth $562,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. TD Asset Management Inc bought a new position in Summit Therapeutics during the 2nd quarter valued at $2,081,000. CIBC Asset Management Inc acquired a new stake in shares of Summit Therapeutics in the second quarter valued at $154,000. Principal Financial Group Inc. boosted its stake in Summit Therapeutics by 131.9% during the second quarter. Principal Financial Group Inc. now owns 36,133 shares of the company’s stock valued at $282,000 after buying an additional 20,553 shares in the last quarter. Fullcircle Wealth LLC acquired a new position in Summit Therapeutics during the second quarter worth about $95,000. Finally, Hoylecohen LLC raised its position in Summit Therapeutics by 2.4% in the second quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock worth $674,000 after acquiring an additional 2,000 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Stifel Nicolaus lifted their price objective on shares of Summit Therapeutics from $14.00 to $25.00 and gave the stock a “buy” rating in a research note on Monday, September 9th. HC Wainwright upped their price target on Summit Therapeutics from $30.00 to $45.00 and gave the company a “buy” rating in a report on Monday. Finally, Citigroup raised their price objective on Summit Therapeutics from $13.00 to $19.00 and gave the stock a “buy” rating in a research note on Monday, September 9th.

Summit Therapeutics Price Performance

SMMT stock opened at $29.48 on Tuesday. The firm has a market capitalization of $20.69 billion, a P/E ratio of -184.25 and a beta of -0.99. Summit Therapeutics Inc. has a 52-week low of $1.64 and a 52-week high of $33.89. The company’s 50 day simple moving average is $12.76 and its 200-day simple moving average is $7.90.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. Sell-side analysts predict that Summit Therapeutics Inc. will post -0.27 EPS for the current fiscal year.

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.