Verition Fund Management LLC Buys New Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Verition Fund Management LLC bought a new stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 18,677 shares of the company’s stock, valued at approximately $409,000.

Several other hedge funds have also modified their holdings of the stock. CIBC Asset Management Inc lifted its holdings in shares of Summit Therapeutics by 3.8% during the third quarter. CIBC Asset Management Inc now owns 20,445 shares of the company’s stock valued at $448,000 after purchasing an additional 740 shares during the last quarter. Darwin Wealth Management LLC purchased a new stake in shares of Summit Therapeutics during the third quarter valued at $25,000. Covestor Ltd lifted its stake in Summit Therapeutics by 2,767.4% in the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after acquiring an additional 1,190 shares in the last quarter. Hoylecohen LLC lifted its stake in Summit Therapeutics by 2.4% in the 2nd quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock worth $674,000 after acquiring an additional 2,000 shares in the last quarter. Finally, World Equity Group Inc. lifted its stake in Summit Therapeutics by 16.1% in the 3rd quarter. World Equity Group Inc. now owns 14,842 shares of the company’s stock worth $325,000 after acquiring an additional 2,063 shares in the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company initiated coverage on Summit Therapeutics in a research note on Wednesday. They set an “overweight” rating and a $30.00 price target for the company. Jefferies Financial Group initiated coverage on Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 price objective on the stock. HC Wainwright reissued a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a report on Monday, November 18th. JMP Securities began coverage on Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price on the stock. Finally, Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and raised their target price for the company from $19.00 to $23.00 in a report on Friday, September 27th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $33.33.

Summit Therapeutics Stock Down 4.8 %

SMMT opened at $17.87 on Friday. The firm has a market capitalization of $13.18 billion, a P/E ratio of -64.57 and a beta of -0.92. The stock’s 50 day moving average price is $19.66 and its two-hundred day moving average price is $14.86. Summit Therapeutics Inc. has a 12-month low of $2.10 and a 12-month high of $33.89.

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.