ProShare Advisors LLC Buys 1,474 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

ProShare Advisors LLC grew its stake in Summit Therapeutics Inc. (NASDAQ:SMMT) by 2.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 60,830 shares of the company’s stock after acquiring an additional 1,474 shares during the period. ProShare Advisors LLC’s holdings in Summit Therapeutics were worth $1,086,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. National Bank of Canada FI acquired a new position in shares of Summit Therapeutics in the 4th quarter valued at approximately $30,000. Steward Partners Investment Advisory LLC grew its position in shares of Summit Therapeutics by 56.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after purchasing an additional 900 shares during the period. Rakuten Securities Inc. acquired a new position in shares of Summit Therapeutics in the 4th quarter valued at approximately $71,000. Summit Investment Advisors Inc. grew its position in shares of Summit Therapeutics by 12.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 9,621 shares of the company’s stock valued at $172,000 after purchasing an additional 1,044 shares during the period. Finally, Verus Capital Partners LLC acquired a new position in shares of Summit Therapeutics in the 4th quarter valued at approximately $182,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on SMMT. Jefferies Financial Group set a $44.00 price objective on Summit Therapeutics and gave the company a “buy” rating in a research report on Friday, April 25th. HC Wainwright reiterated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research report on Monday, April 28th. Wall Street Zen upgraded Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. TD Cowen upgraded Summit Therapeutics to a “strong-buy” rating in a research report on Thursday, May 8th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $37.40.

Summit Therapeutics Stock Up 1.4%

NASDAQ:SMMT opened at $25.77 on Friday. Summit Therapeutics Inc. has a twelve month low of $2.10 and a twelve month high of $36.91. The business has a 50 day moving average price of $22.88 and a two-hundred day moving average price of $20.68. The company has a market cap of $19.14 billion, a P/E ratio of -92.03 and a beta of -0.94.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. As a group, analysts anticipate that Summit Therapeutics Inc. will post -0.3 earnings per share 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.