Geode Capital Management LLC Has $67.90 Million Stock Holdings in Summit Therapeutics Inc. (NASDAQ:SMMT)

Geode Capital Management LLC increased its position in Summit Therapeutics Inc. (NASDAQ:SMMT) by 4.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,099,808 shares of the company’s stock after purchasing an additional 135,981 shares during the quarter. Geode Capital Management LLC owned approximately 0.42% of Summit Therapeutics worth $67,899,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Baker BROS. Advisors LP increased its holdings in shares of Summit Therapeutics by 5.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after acquiring an additional 1,202,643 shares during the last quarter. Cerity Partners LLC bought a new position in Summit Therapeutics during the third quarter worth $2,178,000. FMR LLC increased its holdings in shares of Summit Therapeutics by 9.8% in the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after purchasing an additional 737,692 shares during the last quarter. Griffin Asset Management Inc. bought a new position in shares of Summit Therapeutics in the third quarter valued at about $1,484,000. Finally, Millennium Management LLC acquired a new stake in shares of Summit Therapeutics during the 2nd quarter worth about $15,154,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Trading Down 2.9 %

Shares of NASDAQ SMMT opened at $17.87 on Friday. The company has a market cap of $13.18 billion, a price-to-earnings ratio of -63.82 and a beta of -0.92. Summit Therapeutics Inc. has a 12 month low of $2.10 and a 12 month high of $33.89. The stock has a 50-day moving average price of $19.51 and a two-hundred day moving average price of $15.43.

Analysts Set New Price Targets

Several research analysts have weighed in on SMMT shares. Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their price target for the company from $19.00 to $23.00 in a report on Friday, September 27th. 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 target price on the stock. HC Wainwright reiterated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday, November 18th. Stifel Nicolaus boosted their price target on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Finally, Wells Fargo & Company started coverage on Summit Therapeutics in a research note on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective on the stock. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price 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.