Five Pine Wealth Management Invests $531,000 in Summit Therapeutics Inc. (NASDAQ:SMMT)

Five Pine Wealth Management bought a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 29,746 shares of the company's stock, valued at approximately $531,000. Summit Therapeutics comprises about 0.4% of Five Pine Wealth Management's portfolio, making the stock its 26th biggest holding.

Other institutional investors have also added to or reduced their stakes in the company. Darwin Wealth Management LLC bought a new position in shares of Summit Therapeutics in the 3rd quarter worth $25,000. Covestor Ltd lifted its stake in Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company's stock valued at $27,000 after purchasing an additional 1,190 shares during the last quarter. Brooklyn Investment Group purchased a new position in Summit Therapeutics in the fourth quarter valued at approximately $29,000. Fred Alger Management LLC purchased a new position in Summit Therapeutics in the third quarter valued at approximately $105,000. Finally, Avanza Fonder AB purchased a new position in Summit Therapeutics in the fourth quarter valued at approximately $115,000. 4.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. 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 price target on the stock. HC Wainwright reiterated a "buy" rating and set a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, January 21st. Wells Fargo & Company initiated coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They set an "overweight" rating and a $30.00 target price for the company. 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. Finally, JMP Securities initiated coverage on shares of Summit Therapeutics in a research note on Monday, November 4th. They set a "market outperform" rating and a $32.00 target price for the company. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $33.57.

Summit Therapeutics Trading Up 0.8 %

Shares of NASDAQ SMMT traded up $0.16 during midday trading on Wednesday, reaching $20.78. The company had a trading volume of 929,962 shares, compared to its average volume of 2,386,481. The business's 50-day simple moving average is $19.19 and its 200 day simple moving average is $18.11. The stock has a market cap of $15.32 billion, a P/E ratio of -74.05 and a beta of -0.88. Summit Therapeutics Inc. has a 1 year low of $2.10 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.