Charles Schwab Investment Management Inc. Boosts Stake in Summit Therapeutics Inc. (NASDAQ:SMMT)

Charles Schwab Investment Management Inc. lifted its position in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 53.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,432,713 shares of the company's stock after purchasing an additional 497,984 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.19% of Summit Therapeutics worth $31,376,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Griffin Asset Management Inc. purchased a new position in shares of Summit Therapeutics in the third quarter worth about $1,484,000. Millennium Management LLC acquired a new stake in Summit Therapeutics during the second quarter worth about $15,154,000. China Universal Asset Management Co. Ltd. grew its holdings in Summit Therapeutics by 69.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 139,352 shares of the company's stock worth $3,052,000 after acquiring an additional 56,879 shares during the period. SG Americas Securities LLC acquired a new stake in Summit Therapeutics during the third quarter worth about $717,000. Finally, abrdn plc acquired a new stake in Summit Therapeutics during the third quarter worth about $24,885,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on SMMT shares. Stifel Nicolaus raised their target price on Summit Therapeutics from $25.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. JMP Securities assumed coverage on Summit Therapeutics in a report on Monday, November 4th. They issued a "market outperform" rating and a $32.00 price objective on the stock. HC Wainwright reissued a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a report on Monday, November 18th. Finally, Citigroup lowered Summit Therapeutics from a "buy" rating to a "neutral" rating and raised their price objective for the company from $19.00 to $23.00 in a report on Friday, September 27th.

Summit Therapeutics Stock Performance

Shares of NASDAQ:SMMT traded down $0.17 during trading on Wednesday, reaching $17.60. The stock had a trading volume of 1,910,058 shares, compared to its average volume of 3,496,802. The business has a fifty day moving average price of $20.03 and a 200-day moving average price of $14.34. The stock has a market cap of $12.98 billion, a PE ratio of -63.46 and a beta of -0.92. Summit Therapeutics Inc. has a 1-year low of $2.05 and a 1-year high of $33.89.

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.