Wellington Management Group LLP Sells 223,964 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Wellington Management Group LLP cut its holdings in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 83.5% during the third quarter, HoldingsChannel.com reports. The firm owned 44,188 shares of the company’s stock after selling 223,964 shares during the quarter. Wellington Management Group LLP’s holdings in Summit Therapeutics were worth $968,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. CIBC Asset Management Inc raised its stake 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 worth $448,000 after buying an additional 740 shares during the last quarter. Darwin Wealth Management LLC bought a new position in Summit Therapeutics in the third quarter valued at approximately $25,000. Covestor Ltd grew its holdings in Summit Therapeutics by 2,767.4% during 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 during the period. World Equity Group Inc. raised its position in shares of Summit Therapeutics by 16.1% during the 3rd quarter. World Equity Group Inc. now owns 14,842 shares of the company’s stock valued at $325,000 after acquiring an additional 2,063 shares during the last quarter. Finally, Fred Alger Management LLC acquired a new position in shares of Summit Therapeutics in the 3rd quarter valued at $105,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Stock Performance

NASDAQ SMMT opened at $18.40 on Friday. Summit Therapeutics Inc. has a 52-week low of $2.10 and a 52-week high of $33.89. The business has a 50 day simple moving average of $19.55 and a 200 day simple moving average of $15.31. The stock has a market cap of $13.57 billion, a price-to-earnings ratio of -65.71 and a beta of -0.92.

Analyst Ratings Changes

SMMT has been the subject of a number of analyst reports. Jefferies Financial Group assumed coverage on Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 price objective for the company. 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. JMP Securities initiated coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price target on the stock. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective for the company. Finally, Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their target price for the stock from $19.00 to $23.00 in a report on Friday, September 27th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $33.33.

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.