Bank of Montreal Can Invests $2.04 Million in Summit Therapeutics Inc. (NASDAQ:SMMT)

Bank of Montreal Can acquired a new stake in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 97,575 shares of the company's stock, valued at approximately $2,038,000.

Other institutional investors also recently bought and sold shares of the company. Darwin Wealth Management LLC acquired a new position in shares of Summit Therapeutics during the 3rd quarter worth $25,000. Covestor Ltd grew its stake in shares of Summit Therapeutics by 2,767.4% during the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company's stock worth $27,000 after purchasing an additional 1,190 shares during the period. Virtu Financial LLC grew its stake in shares of Summit Therapeutics by 23.3% during the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company's stock worth $84,000 after purchasing an additional 3,846 shares during the period. Fullcircle Wealth LLC purchased a new stake in shares of Summit Therapeutics in the 2nd quarter worth about $95,000. Finally, XTX Topco Ltd purchased a new stake in shares of Summit Therapeutics in the 2nd quarter worth about $121,000. 4.61% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on SMMT shares. HC Wainwright reiterated a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research report on Monday, November 18th. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research report on Friday. They issued a "buy" rating and a $31.00 price objective on the stock. Stifel Nicolaus boosted their price objective 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. JMP Securities started coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They issued a "market outperform" rating and a $32.00 target price on the stock. Finally, Citigroup lowered shares of Summit Therapeutics from a "buy" rating to a "neutral" rating and upped their target price for the company from $19.00 to $23.00 in a report on Friday, September 27th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Summit Therapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $34.00.

Summit Therapeutics Price Performance

NASDAQ:SMMT traded up $1.02 on Friday, reaching $18.54. The stock had a trading volume of 2,196,266 shares, compared to its average volume of 3,483,670. The company has a market cap of $13.67 billion, a price-to-earnings ratio of -62.57 and a beta of -0.92. The firm's fifty day moving average is $19.83 and its two-hundred day moving average is $14.39. Summit Therapeutics Inc. has a 12-month low of $2.05 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.