24,879 Shares in Summit Therapeutics Inc. (NASDAQ:SMMT) Bought by SeaCrest Wealth Management LLC

SeaCrest Wealth Management LLC acquired a new stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 24,879 shares of the company's stock, valued at approximately $444,000.

Other hedge funds also recently made changes to their positions in the company. XTX Topco Ltd purchased a new position in Summit Therapeutics during the second quarter valued at $121,000. Squarepoint Ops LLC lifted its position in Summit Therapeutics by 192.2% during the 2nd quarter. Squarepoint Ops LLC now owns 86,064 shares of the company's stock valued at $671,000 after acquiring an additional 56,614 shares during the period. AQR Capital Management LLC bought a new stake in Summit Therapeutics during the second quarter worth about $484,000. Millennium Management LLC bought a new stake in Summit Therapeutics during the second quarter worth about $15,154,000. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Summit Therapeutics by 167.2% during the second quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company's stock valued at $1,607,000 after purchasing an additional 128,934 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Wells Fargo & Company began coverage on Summit Therapeutics in a research note on Wednesday, December 11th. They issued an "overweight" rating and a $30.00 price target on the stock. Citigroup downgraded Summit Therapeutics from a "buy" rating to a "neutral" rating and raised their price target for the company from $19.00 to $23.00 in a report on Friday, September 27th. JMP Securities started coverage on shares of Summit Therapeutics in a research note on Monday, November 4th. They issued a "market outperform" rating and a $32.00 price target on the stock. Truist Financial initiated coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They set a "buy" rating and a $35.00 price objective for the company. Finally, Jefferies Financial Group initiated coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They issued a "buy" rating and a $31.00 target price on the stock. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Summit Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $33.57.

Summit Therapeutics Price Performance

Summit Therapeutics stock traded up $0.84 during mid-day trading on Friday, reaching $19.03. 2,584,617 shares of the stock traded hands, compared to its average volume of 2,423,553. The stock has a market capitalization of $14.03 billion, a PE ratio of -67.96 and a beta of -0.87. The business's 50-day moving average is $18.64 and its 200-day moving average is $16.73. Summit Therapeutics Inc. has a 12-month low of $2.10 and a 12-month high of $33.89.

About Summit Therapeutics

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.