103,276 Shares in Summit Therapeutics Inc. (NASDAQ:SMMT) Bought by Franklin Resources Inc.

Franklin Resources Inc. acquired a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 103,276 shares of the company's stock, valued at approximately $2,091,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SMMT. Darwin Wealth Management LLC bought a new stake in shares of Summit Therapeutics in the 3rd quarter valued at $25,000. Covestor Ltd raised its position in shares of Summit Therapeutics by 2,767.4% during the third 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. Fred Alger Management LLC bought a new stake in shares of Summit Therapeutics during the third quarter worth about $105,000. XTX Topco Ltd bought a new stake in Summit Therapeutics during the second quarter worth $121,000. Finally, CIBC Asset Management Inc bought a new stake in Summit Therapeutics in the 2nd quarter worth about $154,000. Institutional investors and hedge funds own 4.61% of the company's stock.

Summit Therapeutics Trading Down 5.5 %

NASDAQ SMMT traded down $1.07 during trading hours on Friday, hitting $18.21. 1,712,908 shares of the company's stock traded hands, compared to its average volume of 3,412,589. Summit Therapeutics Inc. has a 52 week low of $2.10 and a 52 week high of $33.89. The firm has a market capitalization of $13.43 billion, a P/E ratio of -65.03 and a beta of -0.92. The business's fifty day moving average price is $19.22 and its two-hundred day moving average price is $15.76.

Wall Street Analysts Forecast Growth

SMMT has been the subject of several research reports. Wells Fargo & Company began coverage on Summit Therapeutics in a research note on Wednesday, December 11th. They set an "overweight" rating and a $30.00 price target for the company. Jefferies Financial Group assumed coverage on Summit Therapeutics in a report on Friday, December 6th. They set a "buy" rating and a $31.00 target price for the company. Citigroup cut shares of Summit Therapeutics from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $19.00 to $23.00 in a research report on Friday, September 27th. Stifel Nicolaus upped their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. Finally, JMP Securities initiated coverage on Summit Therapeutics in a research report on Monday, November 4th. They set a "market outperform" rating and a $32.00 price target on the stock. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Summit Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $33.33.

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.