Geode Capital Management LLC Increases Holdings in Summit Therapeutics Inc. (NASDAQ:SMMT)

Geode Capital Management LLC raised its holdings in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 4.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,099,808 shares of the company's stock after acquiring an additional 135,981 shares during the period. Geode Capital Management LLC owned about 0.42% of Summit Therapeutics worth $67,899,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. boosted its holdings in Summit Therapeutics by 131.9% during the 2nd quarter. Principal Financial Group Inc. now owns 36,133 shares of the company's stock valued at $282,000 after acquiring an additional 20,553 shares during the period. CIBC Asset Management Inc bought a new position in shares of Summit Therapeutics in the second quarter worth approximately $154,000. TD Asset Management Inc purchased a new position in shares of Summit Therapeutics in the second quarter worth $2,081,000. Sargent Investment Group LLC raised its holdings in Summit Therapeutics by 620.0% during the 2nd quarter. Sargent Investment Group LLC now owns 72,000 shares of the company's stock valued at $562,000 after buying an additional 62,000 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in Summit Therapeutics during the 2nd quarter valued at $121,000. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Trading Down 2.9 %

Shares of SMMT stock traded down $0.53 during midday trading on Friday, reaching $17.87. 7,096,417 shares of the stock were exchanged, compared to its average volume of 3,443,122. The firm has a market cap of $13.18 billion, a PE ratio of -63.82 and a beta of -0.92. The company's 50 day moving average is $19.51 and its two-hundred day moving average is $15.48. Summit Therapeutics Inc. has a 1 year low of $2.10 and a 1 year high of $33.89.

Wall Street Analysts Forecast Growth

SMMT has been the topic of a number of analyst reports. JMP Securities began coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They issued a "market outperform" rating and a $32.00 price objective on the stock. Jefferies Financial Group assumed coverage on Summit Therapeutics in a report on Friday, December 6th. They set a "buy" rating and a $31.00 price target on the stock. Citigroup cut Summit Therapeutics from a "buy" rating to a "neutral" rating and increased their price objective for the stock from $19.00 to $23.00 in a report on Friday, September 27th. 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 target price on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $44.00 price target on shares of Summit Therapeutics in a research note on Monday, November 18th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Summit Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $33.33.

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.