Summit Therapeutics Inc. (NASDAQ:SMMT) Shares Sold by State Street Corp

State Street Corp lowered its position in Summit Therapeutics Inc. (NASDAQ:SMMT) by 15.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,468,514 shares of the company’s stock after selling 654,623 shares during the period. State Street Corp owned approximately 0.47% of Summit Therapeutics worth $75,960,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Fullcircle Wealth LLC purchased a new stake in Summit Therapeutics during the second quarter worth $95,000. Principal Financial Group Inc. boosted its position in shares of Summit Therapeutics by 131.9% in the 2nd quarter. Principal Financial Group Inc. now owns 36,133 shares of the company’s stock worth $282,000 after buying an additional 20,553 shares in the last quarter. CIBC Asset Management Inc acquired a new stake in Summit Therapeutics in the 2nd quarter valued at about $154,000. TD Asset Management Inc purchased a new position in Summit Therapeutics during the 2nd quarter valued at about $2,081,000. Finally, Sargent Investment Group LLC raised its position in Summit Therapeutics by 620.0% during the second quarter. Sargent Investment Group LLC now owns 72,000 shares of the company’s stock worth $562,000 after acquiring an additional 62,000 shares during the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Price Performance

NASDAQ SMMT opened at $18.57 on Wednesday. The company has a market cap of $13.69 billion, a P/E ratio of -66.32 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 company has a 50-day moving average of $19.59 and a 200-day moving average of $15.28.

Analyst Upgrades and Downgrades

SMMT has been the subject of a number of recent research reports. Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $19.00 to $23.00 in a research note on Friday, September 27th. HC Wainwright reaffirmed a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday, November 18th. Jefferies Financial Group began coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 target price on the stock. JMP Securities started coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective for the company. Finally, Stifel Nicolaus raised their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.