Verition Fund Management LLC Invests $409,000 in Summit Therapeutics Inc. (NASDAQ:SMMT)

Verition Fund Management LLC bought a new stake in Summit Therapeutics Inc. (NASDAQ:SMMT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 18,677 shares of the company’s stock, valued at approximately $409,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. CIBC Asset Management Inc grew its holdings in 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 buying an additional 740 shares during the period. Darwin Wealth Management LLC acquired a new position in shares of Summit Therapeutics in the 3rd quarter valued at approximately $25,000. Covestor Ltd raised its position in shares of Summit Therapeutics by 2,767.4% in the 3rd 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. Hoylecohen LLC raised its position in shares of Summit Therapeutics by 2.4% in the 2nd quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock valued at $674,000 after purchasing an additional 2,000 shares in the last quarter. Finally, World Equity Group Inc. raised its position in shares of Summit Therapeutics by 16.1% in the 3rd quarter. World Equity Group Inc. now owns 14,842 shares of the company’s stock valued at $325,000 after purchasing an additional 2,063 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

Analysts Set New Price Targets

SMMT has been the topic of several research reports. Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their price target for the company from $19.00 to $23.00 in a research report on Friday, September 27th. Wells Fargo & Company initiated coverage on Summit Therapeutics in a research report on Wednesday. They set an “overweight” rating and a $30.00 price target on the stock. HC Wainwright reissued 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 Summit Therapeutics in a research report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price target on the stock. Finally, Stifel Nicolaus upped their price target on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Summit Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $33.33.

Summit Therapeutics Stock Performance

NASDAQ:SMMT opened at $17.87 on Friday. Summit Therapeutics Inc. has a 1 year low of $2.10 and a 1 year high of $33.89. The stock has a market cap of $13.18 billion, a price-to-earnings ratio of -64.57 and a beta of -0.92. The business has a fifty day moving average of $19.66 and a 200-day moving average of $14.86.

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.