Barclays PLC Lowers Stake in Summit Therapeutics Inc. (NASDAQ:SMMT)

Barclays PLC lessened its position in Summit Therapeutics Inc. (NASDAQ:SMMT) by 35.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 250,118 shares of the company’s stock after selling 137,195 shares during the period. Barclays PLC’s holdings in Summit Therapeutics were worth $5,477,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of SMMT. Fullcircle Wealth LLC purchased a new position in Summit Therapeutics during the second quarter worth about $95,000. Principal Financial Group Inc. lifted its holdings in shares of Summit Therapeutics by 131.9% during the 2nd quarter. Principal Financial Group Inc. now owns 36,133 shares of the company’s stock worth $282,000 after acquiring an additional 20,553 shares during the period. CIBC Asset Management Inc acquired a new stake in shares of Summit Therapeutics in the second quarter worth approximately $154,000. TD Asset Management Inc purchased a new stake in Summit Therapeutics in the second quarter valued at approximately $2,081,000. Finally, Sargent Investment Group LLC increased its position in Summit Therapeutics by 620.0% during the second quarter. Sargent Investment Group LLC now owns 72,000 shares of the company’s stock worth $562,000 after purchasing an additional 62,000 shares during the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on SMMT shares. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective for the company. Jefferies Financial Group assumed coverage on Summit Therapeutics in a research report on Friday, December 6th. They set a “buy” rating and a $31.00 price target for the company. HC Wainwright restated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a report on Monday, November 18th. Stifel Nicolaus boosted their target price on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Finally, Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and raised their price target for the company from $19.00 to $23.00 in a report on Friday, September 27th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Summit Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $33.33.

Summit Therapeutics Stock Performance

Shares of NASDAQ SMMT opened at $17.87 on Friday. Summit Therapeutics Inc. has a 1 year low of $2.10 and a 1 year high of $33.89. The stock’s 50-day simple moving average is $19.51 and its 200-day simple moving average is $15.37. The firm has a market cap of $13.18 billion, a price-to-earnings ratio of -63.82 and a beta of -0.92.

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.