State Street Corp Cuts Holdings in Summit Therapeutics Inc. (NASDAQ:SMMT)

State Street Corp lowered its position in Summit Therapeutics Inc. (NASDAQ:SMMT) by 15.9% during the third quarter, Holdings Channel.com reports. The fund owned 3,468,514 shares of the company’s stock after selling 654,623 shares during the quarter. State Street Corp’s holdings in Summit Therapeutics were worth $75,960,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. CIBC Asset Management Inc lifted its stake in shares of Summit Therapeutics by 3.8% in the 3rd 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 in the last quarter. Darwin Wealth Management LLC purchased a new position in Summit Therapeutics in the third quarter valued at approximately $25,000. Covestor Ltd lifted its position in Summit Therapeutics by 2,767.4% during the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after buying an additional 1,190 shares in the last quarter. World Equity Group Inc. grew its stake in Summit Therapeutics by 16.1% during the third quarter. World Equity Group Inc. now owns 14,842 shares of the company’s stock worth $325,000 after buying an additional 2,063 shares during the period. Finally, Fred Alger Management LLC purchased a new stake in Summit Therapeutics during the third quarter worth approximately $105,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock opened at $18.57 on Wednesday. Summit Therapeutics Inc. has a 1-year low of $2.10 and a 1-year high of $33.89. The business has a 50-day moving average of $19.59 and a 200-day moving average of $15.28. The company has a market capitalization of $13.69 billion, a PE ratio of -66.32 and a beta of -0.92.

Wall Street Analyst Weigh In

SMMT has been the topic of several recent research reports. JMP Securities started coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They set a “market outperform” rating and a $32.00 target price on the stock. Stifel Nicolaus boosted their price objective on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their target price for the company from $19.00 to $23.00 in a research note on Friday, September 27th. 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 on the stock. Finally, HC Wainwright restated a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a report on Monday, November 18th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $33.33.

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.