Intech Investment Management LLC Invests $694,000 in Summit Therapeutics Inc. (NASDAQ:SMMT)

Intech Investment Management LLC bought a new stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 31,680 shares of the company's stock, valued at approximately $694,000.

A number of other hedge funds have also recently modified their holdings of the business. Russell Investments Group Ltd. lifted its holdings in Summit Therapeutics by 142.2% during the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company's stock valued at $25,000 after buying an additional 3,579 shares in the last quarter. Darwin Wealth Management LLC purchased a new stake in shares of Summit Therapeutics in the third quarter valued at approximately $25,000. Covestor Ltd boosted its holdings in shares of 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 period. Virtu Financial LLC grew its stake in Summit Therapeutics by 23.3% in the first quarter. Virtu Financial LLC now owns 20,372 shares of the company's stock worth $84,000 after purchasing an additional 3,846 shares in the last quarter. Finally, Fullcircle Wealth LLC purchased a new position in Summit Therapeutics during the 2nd quarter worth $95,000. Institutional investors own 4.61% of the company's stock.

Summit Therapeutics Stock Performance

SMMT traded down $0.48 on Friday, hitting $18.46. The company had a trading volume of 918,291 shares, compared to its average volume of 3,508,101. The stock has a market capitalization of $13.61 billion, a price-to-earnings ratio of -65.93 and a beta of -0.92. The stock has a fifty day moving average price of $20.23 and a 200-day moving average price of $14.02. Summit Therapeutics Inc. has a 12-month low of $1.89 and a 12-month high of $33.89.

Analysts Set New Price Targets

SMMT has been the topic of a number of recent research reports. JMP Securities began 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. Stifel Nicolaus raised their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a "buy" rating in a research report on Wednesday, September 25th. Citigroup cut 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 research report on Friday, September 27th. Finally, HC Wainwright reiterated a "buy" rating and set a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday, November 18th.

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.