Great Valley Advisor Group Inc. Has $548,000 Stock Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Great Valley Advisor Group Inc. cut its position in Summit Therapeutics Inc. (NASDAQ:SMMT) by 26.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,000 shares of the company’s stock after selling 9,023 shares during the period. Great Valley Advisor Group Inc.’s holdings in Summit Therapeutics were worth $548,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Millennium Management LLC bought a new position in shares of Summit Therapeutics in the second quarter valued at approximately $15,154,000. abrdn plc bought a new position in Summit Therapeutics in the 3rd quarter valued at $24,885,000. Charles Schwab Investment Management Inc. boosted its stake in 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 worth $31,376,000 after purchasing an additional 497,984 shares in the last quarter. TD Asset Management Inc bought a new stake in shares of Summit Therapeutics during the second quarter worth $2,081,000. Finally, Vanguard Group Inc. increased its stake in shares of Summit Therapeutics by 3.6% in the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after buying an additional 254,261 shares in the last quarter. 4.61% of the stock is owned by institutional investors.

Summit Therapeutics Price Performance

SMMT opened at $19.20 on Wednesday. Summit Therapeutics Inc. has a fifty-two week low of $1.89 and a fifty-two week high of $33.89. The company has a market cap of $14.16 billion, a price-to-earnings ratio of -68.57 and a beta of -0.92. The firm has a 50 day simple moving average of $20.54 and a 200 day simple moving average of $13.85.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. HC Wainwright reiterated a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a research report on Monday, November 18th. JMP Securities initiated coverage on shares of Summit Therapeutics in a research note on Monday, November 4th. They set a “market outperform” rating and a $32.00 price target on the stock. Stifel Nicolaus boosted their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. Finally, Citigroup downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $19.00 to $23.00 in a report on Friday, September 27th.

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.