Corebridge Financial Inc. Lowers Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Corebridge Financial Inc. decreased its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT) by 2.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 45,722 shares of the company’s stock after selling 1,087 shares during the quarter. Corebridge Financial Inc.’s holdings in Summit Therapeutics were worth $816,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Summit Therapeutics by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock worth $208,261,000 after buying an additional 724,040 shares during the last quarter. American Century Companies Inc. acquired a new stake in Summit Therapeutics in the 4th quarter valued at about $231,000. Skandinaviska Enskilda Banken AB publ acquired a new position in Summit Therapeutics during the 4th quarter worth approximately $586,000. Rakuten Securities Inc. purchased a new position in Summit Therapeutics in the fourth quarter valued at $71,000. Finally, Bender Robert & Associates purchased a new stake in Summit Therapeutics during the fourth quarter worth approximately $205,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SMMT. Truist Financial started coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target for the company. Evercore ISI began coverage on shares of Summit Therapeutics in a research note on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price objective for the company. Wells Fargo & Company started coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price objective on the stock. The Goldman Sachs Group initiated coverage on shares of Summit Therapeutics in a research note on Friday, February 28th. They issued a “buy” rating and a $42.00 target price for the company. Finally, Cantor Fitzgerald started coverage on Summit Therapeutics in a research report on Friday, March 21st. They set an “overweight” rating on the stock. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $35.44.

Summit Therapeutics Stock Down 8.2 %

Shares of SMMT stock opened at $17.36 on Friday. Summit Therapeutics Inc. has a fifty-two week low of $2.10 and a fifty-two week high of $33.89. The firm’s 50 day moving average price is $20.15 and its two-hundred day moving average price is $19.87. The stock has a market cap of $12.81 billion, a price-to-earnings ratio of -62.00 and a beta of -1.04.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, meeting the consensus estimate of ($0.08). The business had revenue of $0.20 million for the quarter. On average, equities analysts forecast that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

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.