Griffin Asset Management Inc. Invests $1.48 Million in Summit Therapeutics Inc. (NASDAQ:SMMT)

Griffin Asset Management Inc. purchased a new stake in Summit Therapeutics Inc. (NASDAQ:SMMT) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 67,760 shares of the company’s stock, valued at approximately $1,484,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Summit Therapeutics by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after acquiring an additional 254,261 shares during the period. Millennium Management LLC acquired a new position in Summit Therapeutics in the 2nd quarter valued at about $15,154,000. TD Asset Management Inc acquired a new position in Summit Therapeutics in the 2nd quarter valued at about $2,081,000. The Manufacturers Life Insurance Company increased its position in Summit Therapeutics by 167.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock valued at $1,607,000 after acquiring an additional 128,934 shares during the period. Finally, Handelsbanken Fonder AB increased its position in Summit Therapeutics by 37.7% in the 3rd quarter. Handelsbanken Fonder AB now owns 88,000 shares of the company’s stock valued at $1,927,000 after acquiring an additional 24,100 shares during the period. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Price Performance

Shares of NASDAQ: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. The firm has a market capitalization of $15.33 billion, a price-to-earnings ratio of -136.50 and a beta of -0.97. Summit Therapeutics Inc. has a 12 month low of $1.64 and a 12 month high of $33.89.

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

Wall Street Analysts Forecast Growth

SMMT has been the topic of several recent analyst reports. HC Wainwright reiterated a “buy” rating and set a $45.00 target price on shares of Summit Therapeutics in a research report on Friday, October 4th. Citigroup cut Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. Finally, Stifel Nicolaus boosted their target price on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th.

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.