State Street Corp Sells 654,623 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

State Street Corp reduced its position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 15.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,468,514 shares of the company's stock after selling 654,623 shares during the period. State Street Corp owned approximately 0.47% of Summit Therapeutics worth $75,960,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Darwin Wealth Management LLC acquired a new stake in shares of Summit Therapeutics during the 3rd quarter valued at $25,000. Covestor Ltd lifted its holdings in shares of Summit Therapeutics by 2,767.4% during 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 last quarter. Fullcircle Wealth LLC acquired a new position in shares of Summit Therapeutics in the 2nd quarter valued at $95,000. Fred Alger Management LLC purchased a new position in Summit Therapeutics in the 3rd quarter worth about $105,000. Finally, XTX Topco Ltd acquired a new stake in Summit Therapeutics during the 2nd quarter worth about $121,000. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Trading Down 8.6 %

SMMT stock traded down $1.59 during midday trading on Wednesday, reaching $16.98. The company had a trading volume of 2,273,309 shares, compared to its average volume of 3,431,092. The company has a 50 day moving average of $19.55 and a two-hundred day moving average of $15.29. Summit Therapeutics Inc. has a 1 year low of $2.10 and a 1 year high of $33.89. The company has a market capitalization of $12.52 billion, a P/E ratio of -60.64 and a beta of -0.92.

Analysts Set New Price Targets

SMMT has been the subject of several recent analyst reports. HC Wainwright reiterated a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Monday, November 18th. 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. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They set a "buy" rating and a $31.00 target price on the stock. Citigroup cut Summit Therapeutics from a "buy" rating to a "neutral" rating and raised their target price for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. Finally, Wells Fargo & Company assumed coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They set an "overweight" rating and a $30.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Summit Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $33.33.

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.