Sovran Advisors LLC Takes Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Sovran Advisors LLC bought a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 117,174 shares of the company's stock, valued at approximately $1,951,000.

Other large investors have also recently added to or reduced their stakes in the company. Baker BROS. Advisors LP boosted its holdings 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 in the last quarter. Cerity Partners LLC bought a new stake in Summit Therapeutics during the third quarter worth approximately $2,178,000. FMR LLC boosted its holdings in Summit Therapeutics by 9.8% during the third 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 in the last quarter. Griffin Asset Management Inc. bought a new stake in Summit Therapeutics during the third quarter worth approximately $1,484,000. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in Summit Therapeutics by 69.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 139,352 shares of the company's stock worth $3,052,000 after buying an additional 56,879 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Truist Financial assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They issued a "buy" rating and a $35.00 price objective for the company. Jefferies Financial Group assumed coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They issued a "buy" rating and a $31.00 price objective for the company. HC Wainwright reaffirmed a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, January 21st. JMP Securities assumed coverage on shares of Summit Therapeutics in a research note on Monday, November 4th. They issued a "market outperform" rating and a $32.00 price objective for the company. Finally, Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They issued an "overweight" rating and a $30.00 price objective for the company. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $33.57.

Summit Therapeutics Stock Down 2.1 %

Shares of NASDAQ:SMMT traded down $0.45 during trading on Friday, reaching $21.37. 2,355,147 shares of the company traded hands, compared to its average volume of 2,311,432. The firm has a fifty day simple moving average of $19.49 and a 200 day simple moving average of $18.48. The firm has a market cap of $15.76 billion, a P/E ratio of -76.32 and a beta of -0.88. Summit Therapeutics Inc. has a 1-year low of $2.10 and a 1-year high of $33.89.

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.