SG Americas Securities LLC Sells 19,587 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

SG Americas Securities LLC reduced its stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 59.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,169 shares of the company's stock after selling 19,587 shares during the quarter. SG Americas Securities LLC's holdings in Summit Therapeutics were worth $235,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Baker BROS. Advisors LP grew its stake in Summit Therapeutics by 5.2% during the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company's stock worth $534,905,000 after buying an additional 1,202,643 shares during the period. abrdn plc bought a new stake in shares of Summit Therapeutics in the 3rd quarter valued at approximately $24,885,000. FMR LLC lifted its position in shares of Summit Therapeutics by 9.8% in the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company's stock worth $181,838,000 after buying an additional 737,692 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Summit Therapeutics by 53.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company's stock valued at $31,376,000 after purchasing an additional 497,984 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Summit Therapeutics by 4.6% in the third quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company's stock worth $67,899,000 after buying an additional 135,981 shares during the period. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Stock Up 1.9 %

SMMT stock traded up $0.39 during midday trading on Monday, hitting $20.50. 1,534,180 shares of the company traded hands, compared to its average volume of 2,286,965. Summit Therapeutics Inc. has a twelve month low of $2.10 and a twelve month high of $33.89. The stock has a market capitalization of $15.12 billion, a price-to-earnings ratio of -73.21 and a beta of -0.88. The business has a 50 day simple moving average of $19.30 and a 200-day simple moving average of $18.33.

Analysts Set New Price Targets

SMMT has been the subject of several recent analyst reports. JMP Securities started coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a "market outperform" rating and a $32.00 price target for the company. Truist Financial began coverage on Summit Therapeutics in a report on Wednesday, January 8th. They issued a "buy" rating and a $35.00 target price on the stock. Jefferies Financial Group initiated coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They issued a "buy" rating and a $31.00 price target for the company. HC Wainwright reiterated a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, January 21st. Finally, Wells Fargo & Company started coverage on Summit Therapeutics in a report on Wednesday, December 11th. They set an "overweight" rating and a $30.00 price objective for the company. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Summit Therapeutics presently has an average rating of "Moderate Buy" and an average price target of $33.57.

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.