abrdn plc Has $23.03 Million Stake in Summit Therapeutics Inc. (NASDAQ:SMMT)

abrdn plc grew its position in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 13.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,290,425 shares of the company's stock after purchasing an additional 154,139 shares during the period. abrdn plc owned approximately 0.17% of Summit Therapeutics worth $23,028,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of SMMT. Darwin Wealth Management LLC acquired a new stake in Summit Therapeutics in the 3rd quarter valued at $25,000. Covestor Ltd raised its holdings in Summit Therapeutics by 2,767.4% during the third quarter. Covestor Ltd now owns 1,233 shares of the company's stock worth $27,000 after acquiring an additional 1,190 shares in the last quarter. Brooklyn Investment Group bought a new stake in Summit Therapeutics during the fourth quarter worth about $29,000. Fred Alger Management LLC acquired a new position in Summit Therapeutics during the third quarter valued at approximately $105,000. Finally, Avanza Fonder AB bought a new position in Summit Therapeutics in the fourth quarter valued at approximately $115,000. 4.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on SMMT shares. JMP Securities started coverage on Summit Therapeutics in a research note on Monday, November 4th. They set a "market outperform" rating and a $32.00 price objective on the stock. Truist Financial assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They issued a "buy" rating and a $35.00 price target for the company. HC Wainwright restated a "buy" rating and set a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, January 21st. 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. Finally, Wells Fargo & Company assumed coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They set an "overweight" rating and a $30.00 price target on the stock. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, Summit Therapeutics currently has an average rating of "Moderate Buy" and a consensus target price of $33.57.

Summit Therapeutics Stock Performance

SMMT traded up $0.39 on Monday, reaching $20.50. The company had a trading volume of 1,534,180 shares, compared to its average volume of 2,286,965. Summit Therapeutics Inc. has a fifty-two week low of $2.10 and a fifty-two week high of $33.89. The company's fifty day moving average is $19.30 and its 200 day moving average is $18.33. The stock has a market cap of $15.12 billion, a P/E ratio of -73.21 and a beta of -0.88.

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.