abrdn plc Invests $24.89 Million in Summit Therapeutics Inc. (NASDAQ:SMMT)

abrdn plc bought a new stake in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,136,286 shares of the company's stock, valued at approximately $24,885,000. abrdn plc owned approximately 0.16% of Summit Therapeutics at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of SMMT. Hoylecohen LLC boosted its holdings in shares of Summit Therapeutics by 2.4% in the 2nd quarter. Hoylecohen LLC now owns 86,408 shares of the company's stock worth $674,000 after purchasing an additional 2,000 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company's stock worth $25,000 after buying an additional 3,579 shares in the last quarter. Virtu Financial LLC grew its position in Summit Therapeutics by 23.3% during the first quarter. Virtu Financial LLC now owns 20,372 shares of the company's stock valued at $84,000 after acquiring an additional 3,846 shares during the last quarter. Creative Planning grew its position in Summit Therapeutics by 45.0% during the third quarter. Creative Planning now owns 15,633 shares of the company's stock valued at $342,000 after acquiring an additional 4,851 shares during the last quarter. Finally, Alpine Global Management LLC raised its stake in shares of Summit Therapeutics by 16.7% during the first quarter. Alpine Global Management LLC now owns 35,000 shares of the company's stock worth $145,000 after acquiring an additional 5,000 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Stock Performance

Shares of SMMT traded up $0.40 during mid-day trading on Friday, reaching $18.99. The company had a trading volume of 2,303,278 shares, compared to its average volume of 3,662,190. Summit Therapeutics Inc. has a 52 week low of $1.64 and a 52 week high of $33.89. The company has a market capitalization of $13.76 billion, a price-to-earnings ratio of -67.82 and a beta of -0.97. The firm has a 50-day moving average price of $19.96 and a 200 day moving average price of $11.86.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. As a group, research analysts forecast that Summit Therapeutics Inc. will post -0.27 earnings per share for the current fiscal year.

Analyst Ratings Changes

SMMT has been the topic of several analyst reports. Stifel Nicolaus lifted their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a "buy" rating in a research note on Wednesday, September 25th. HC Wainwright decreased their price objective on shares of Summit Therapeutics from $45.00 to $44.00 and set a "buy" rating on the stock in a research report on Thursday. Finally, Citigroup lowered shares of Summit Therapeutics from a "buy" rating to a "neutral" rating and increased their target price for the stock from $19.00 to $23.00 in a report on Friday, September 27th.

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.