Summit Therapeutics Inc. (NASDAQ:SMMT) Shares Acquired by Fmr LLC

FMR LLC lifted its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 9.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,303,119 shares of the company's stock after acquiring an additional 737,692 shares during the quarter. FMR LLC owned approximately 1.13% of Summit Therapeutics worth $181,838,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of SMMT. Vanguard Group Inc. raised its holdings in Summit Therapeutics by 3.6% during the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company's stock worth $30,095,000 after acquiring an additional 254,261 shares in the last quarter. Millennium Management LLC bought a new position in Summit Therapeutics during the 2nd quarter worth $15,154,000. Charles Schwab Investment Management Inc. grew its holdings in Summit Therapeutics by 53.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company's stock worth $31,376,000 after acquiring an additional 497,984 shares during the period. abrdn plc acquired a new stake in shares of Summit Therapeutics in the 3rd quarter valued at about $24,885,000. Finally, The Manufacturers Life Insurance Company boosted its stake in Summit Therapeutics by 43.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 295,629 shares of the company's stock valued at $6,474,000 after purchasing an additional 89,572 shares during the last quarter. Institutional investors own 4.61% of the company's stock.

Summit Therapeutics Stock Performance

NASDAQ:SMMT traded up $0.03 during midday trading on Tuesday, reaching $18.49. 2,047,256 shares of the stock traded hands, compared to its average volume of 1,699,366. Summit Therapeutics Inc. has a 12-month low of $2.05 and a 12-month high of $33.89. The stock has a market capitalization of $13.64 billion, a PE ratio of -66.04 and a beta of -0.92. The business has a 50-day moving average of $20.16 and a two-hundred day moving average of $14.25.

Analyst Upgrades and Downgrades

Several research firms recently commented on SMMT. Stifel Nicolaus upped their price objective on Summit Therapeutics from $25.00 to $40.00 and gave the company a "buy" rating in a research note on Wednesday, September 25th. JMP Securities assumed coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They set a "market outperform" rating and a $32.00 target price for the company. HC Wainwright restated a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a report on Monday, November 18th. Finally, Citigroup downgraded shares of Summit Therapeutics from a "buy" rating to a "neutral" rating and raised their price target for the company from $19.00 to $23.00 in a research report on Friday, September 27th.

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.