Covestor Ltd Buys 1,190 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Covestor Ltd grew its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT) by 2,767.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,233 shares of the company’s stock after purchasing an additional 1,190 shares during the period. Covestor Ltd’s holdings in Summit Therapeutics were worth $27,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of SMMT. Griffin Asset Management Inc. bought a new stake in shares of Summit Therapeutics in the 3rd quarter worth approximately $1,484,000. Millennium Management LLC bought a new position in shares of Summit Therapeutics in the 2nd quarter worth approximately $15,154,000. China Universal Asset Management Co. Ltd. lifted its stake in shares of Summit Therapeutics by 69.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 139,352 shares of the company’s stock worth $3,052,000 after purchasing an additional 56,879 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Summit Therapeutics by 131.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock worth $168,000 after acquiring an additional 22,977 shares during the period. Finally, SG Americas Securities LLC purchased a new position in shares of Summit Therapeutics in the third quarter valued at $717,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Trading Down 5.9 %

Shares of SMMT stock opened at $18.31 on Friday. The business’s 50 day moving average is $21.35 and its two-hundred day moving average is $12.92. Summit Therapeutics Inc. has a twelve month low of $1.84 and a twelve month high of $33.89. The company has a market capitalization of $13.50 billion, a P/E ratio of -68.07 and a beta of -0.92.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Stifel Nicolaus lifted their price objective on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. JMP Securities began coverage on Summit Therapeutics in a research report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price on the stock. Citigroup downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their price target for the company from $19.00 to $23.00 in a report on Friday, September 27th. Finally, HC Wainwright reduced their target price on Summit Therapeutics from $45.00 to $44.00 and set a “buy” rating for the company in a research note on Thursday, October 31st.

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.