Covestor Ltd Grows Stock Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Covestor Ltd grew its position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 2,767.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,233 shares of the company’s stock after acquiring an additional 1,190 shares during the period. Covestor Ltd’s holdings in Summit Therapeutics were worth $27,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SMMT. Vanguard Group Inc. grew 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. Millennium Management LLC bought a new position in Summit Therapeutics during the 2nd quarter worth approximately $15,154,000. abrdn plc bought a new position in Summit Therapeutics during the 3rd quarter worth approximately $24,885,000. TD Asset Management Inc bought a new position in Summit Therapeutics during the 2nd quarter worth approximately $2,081,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Summit Therapeutics by 167.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock worth $1,607,000 after purchasing an additional 128,934 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Trading Down 5.9 %

NASDAQ:SMMT opened at $18.31 on Friday. The business’s fifty day moving average price is $21.35 and its 200 day moving average price is $12.92. Summit Therapeutics Inc. has a 1-year low of $1.84 and a 1-year high of $33.89. The firm has a market capitalization of $13.50 billion, a price-to-earnings ratio of -68.07 and a beta of -0.92.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on SMMT shares. HC Wainwright cut their price target on Summit Therapeutics from $45.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Citigroup cut Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price target for the company from $19.00 to $23.00 in a research report on Friday, September 27th. JMP Securities started coverage on Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price on the stock. Finally, Stifel Nicolaus lifted 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.

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.