Great Valley Advisor Group Inc. Sells 9,023 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Great Valley Advisor Group Inc. cut its stake in Summit Therapeutics Inc. (NASDAQ:SMMT) by 26.5% in the third quarter, HoldingsChannel.com reports. The fund 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 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Russell Investments Group Ltd. lifted its holdings in shares of Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after purchasing an additional 3,579 shares in the last quarter. Darwin Wealth Management LLC acquired a new position in Summit Therapeutics during the third quarter valued at approximately $25,000. Covestor Ltd grew its stake in Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after purchasing an additional 1,190 shares in the last quarter. Virtu Financial LLC increased its position in shares of Summit Therapeutics by 23.3% during the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after purchasing an additional 3,846 shares during the last quarter. Finally, Fullcircle Wealth LLC bought a new stake in shares of Summit Therapeutics during the 2nd quarter worth approximately $95,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock opened at $19.20 on Wednesday. The business has a fifty day simple moving average of $20.54 and a two-hundred day simple moving average of $13.85. Summit Therapeutics Inc. has a 1 year low of $1.89 and a 1 year high of $33.89. The company has a market capitalization of $14.16 billion, a price-to-earnings ratio of -68.57 and a beta of -0.92.

Analyst Upgrades and Downgrades

SMMT has been the subject of several analyst reports. JMP Securities initiated coverage on shares of Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price for the company. 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 research note on Friday, September 27th. 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 note on Wednesday, September 25th. Finally, HC Wainwright reiterated a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research note on Monday, November 18th.

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.