Barclays PLC Sells 137,195 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Barclays PLC trimmed its position in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 35.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 250,118 shares of the company's stock after selling 137,195 shares during the quarter. Barclays PLC's holdings in Summit Therapeutics were worth $5,477,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Darwin Wealth Management LLC acquired a new position in shares of Summit Therapeutics in the third quarter valued at about $25,000. Covestor Ltd grew its position 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 in the last quarter. Fullcircle Wealth LLC bought a new position in shares of Summit Therapeutics during the second quarter worth approximately $95,000. Fred Alger Management LLC acquired a new stake in shares of Summit Therapeutics in the third quarter valued at approximately $105,000. Finally, XTX Topco Ltd bought a new stake in shares of Summit Therapeutics in the second quarter valued at approximately $121,000. Institutional investors own 4.61% of the company's stock.

Summit Therapeutics Stock Performance

Shares of Summit Therapeutics stock traded down $0.53 during midday trading on Friday, hitting $17.87. 7,096,417 shares of the company traded hands, compared to its average volume of 3,443,122. The stock has a market cap of $13.18 billion, a price-to-earnings ratio of -63.82 and a beta of -0.92. The firm's fifty day moving average price is $19.51 and its 200-day moving average price is $15.43. Summit Therapeutics Inc. has a 12 month low of $2.10 and a 12 month high of $33.89.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SMMT shares. 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 target price for the company. JMP Securities initiated coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They set a "market outperform" rating and a $32.00 price objective for the company. Jefferies Financial Group started 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. Citigroup downgraded shares of Summit Therapeutics from a "buy" rating to a "neutral" rating and upped their price target for the stock from $19.00 to $23.00 in a report on Friday, September 27th. Finally, Stifel Nicolaus lifted their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, September 25th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Summit Therapeutics has a consensus rating of "Moderate Buy" and an average price target 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.