Summit Therapeutics Inc. (NASDAQ:SMMT) Shares Acquired by Fmr LLC

Fmr LLC increased its holdings in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 9.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,303,119 shares of the company’s stock after acquiring an additional 737,692 shares during the period. Fmr LLC owned approximately 1.13% of Summit Therapeutics worth $181,838,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of SMMT. The Manufacturers Life Insurance Company increased its position in shares of Summit Therapeutics by 43.5% in the third quarter. The Manufacturers Life Insurance Company now owns 295,629 shares of the company’s stock valued at $6,474,000 after buying an additional 89,572 shares in the last quarter. Bank of Montreal Can acquired a new position in Summit Therapeutics during the third quarter worth $2,038,000. Cerity Partners LLC purchased a new position in Summit Therapeutics during the third quarter valued at $2,178,000. Charles Schwab Investment Management Inc. grew its position in shares of Summit Therapeutics by 53.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock valued at $31,376,000 after purchasing an additional 497,984 shares during the period. Finally, HealthInvest Partners AB purchased a new stake in shares of Summit Therapeutics during the third quarter worth about $1,884,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Wall Street Analyst Weigh In

SMMT has been the topic of a number of research reports. HC Wainwright reaffirmed a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a research note on Monday, November 18th. Stifel Nicolaus raised their target price on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. JMP Securities started coverage on Summit Therapeutics in a research report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price target for the company. Finally, Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and raised their price objective for the company from $19.00 to $23.00 in a report on Friday, September 27th.

Summit Therapeutics Stock Performance

NASDAQ:SMMT opened at $18.49 on Tuesday. Summit Therapeutics Inc. has a one year low of $2.05 and a one year high of $33.89. The stock has a market cap of $13.64 billion, a PE ratio of -66.03 and a beta of -0.92. The stock has a 50 day moving average price of $20.16 and a 200 day moving average price of $14.25.

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.