Summit Therapeutics Inc. (NASDAQ:SMMT) Shares Acquired by Baker BROS. Advisors LP

Baker BROS. Advisors LP lifted its holdings in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 5.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,424,865 shares of the company's stock after purchasing an additional 1,202,643 shares during the period. Summit Therapeutics comprises approximately 5.5% of Baker BROS. Advisors LP's holdings, making the stock its 4th biggest holding. Baker BROS. Advisors LP owned 3.31% of Summit Therapeutics worth $534,905,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. FMR LLC boosted its position in Summit Therapeutics by 9.8% during the third quarter. FMR LLC now owns 8,303,119 shares of the company's stock worth $181,838,000 after acquiring an additional 737,692 shares during the last quarter. Vanguard Group Inc. boosted its position in Summit Therapeutics by 3.6% during the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company's stock worth $30,095,000 after acquiring an additional 254,261 shares during the last quarter. Millennium Management LLC acquired a new stake in Summit Therapeutics during the second quarter worth approximately $15,154,000. Charles Schwab Investment Management Inc. boosted its position in Summit Therapeutics by 53.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company's stock worth $31,376,000 after acquiring an additional 497,984 shares during the last quarter. Finally, abrdn plc acquired a new stake in Summit Therapeutics during the third quarter worth approximately $24,885,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SMMT has been the topic of a number of research analyst reports. HC Wainwright reiterated a "buy" rating and issued a $44.00 price target on shares of Summit Therapeutics in a report on Monday, November 18th. JMP Securities initiated coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They issued a "market outperform" rating and a $32.00 price target on the stock. Stifel Nicolaus lifted their price target on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a "buy" rating in a report on Wednesday, September 25th. Finally, Citigroup lowered shares of Summit Therapeutics from a "buy" rating to a "neutral" rating and lifted their price target for the company from $19.00 to $23.00 in a report on Friday, September 27th.

Summit Therapeutics Price Performance

Summit Therapeutics stock traded up $0.03 during midday trading on Monday, hitting $18.49. 2,041,868 shares of the stock were exchanged, compared to its average volume of 3,499,717. Summit Therapeutics Inc. has a 1 year low of $2.05 and a 1 year high of $33.89. The firm has a market cap of $13.64 billion, a P/E ratio of -65.93 and a beta of -0.92. The company has a 50 day moving average price of $20.23 and a two-hundred day moving average price of $14.15.

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.