Virtu Financial LLC Makes New Investment in Summit Therapeutics Inc. (NASDAQ:SMMT)

Virtu Financial LLC acquired a new stake in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 42,243 shares of the company's stock, valued at approximately $925,000.

Other institutional investors have also modified their holdings of the company. Geode Capital Management LLC increased its holdings 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 valued at $67,899,000 after buying an additional 135,981 shares during the last quarter. XTX Topco Ltd lifted its stake in Summit Therapeutics by 54.3% during the third quarter. XTX Topco Ltd now owns 23,915 shares of the company's stock worth $524,000 after purchasing an additional 8,415 shares during the last quarter. Polar Asset Management Partners Inc. acquired a new position in Summit Therapeutics in the third quarter valued at approximately $685,000. Baker BROS. Advisors LP increased its stake in Summit Therapeutics by 5.2% in the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company's stock valued at $534,905,000 after purchasing an additional 1,202,643 shares during the last quarter. Finally, Fred Alger Management LLC acquired a new position in shares of Summit Therapeutics in the 3rd quarter valued at $105,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Trading Down 0.2 %

Shares of Summit Therapeutics stock traded down $0.04 on Friday, reaching $17.83. 1,418,317 shares of the stock were exchanged, compared to its average volume of 3,445,985. The firm has a market capitalization of $13.15 billion, a PE ratio of -63.68 and a beta of -0.92. Summit Therapeutics Inc. has a 1-year low of $2.10 and a 1-year high of $33.89. The business has a fifty day moving average price of $19.62 and a two-hundred day moving average price of $14.98.

Wall Street Analyst Weigh In

SMMT has been the topic of several research analyst reports. JMP Securities began coverage on shares of Summit Therapeutics in a research note on Monday, November 4th. They set a "market outperform" rating and a $32.00 price target on the stock. Citigroup downgraded Summit Therapeutics from a "buy" rating to a "neutral" rating and boosted their target price for the company from $19.00 to $23.00 in a report on Friday, September 27th. Wells Fargo & Company assumed coverage on Summit Therapeutics in a research note on Wednesday. They set an "overweight" rating and a $30.00 price target on the stock. HC Wainwright reaffirmed a "buy" rating and set a $44.00 price target on shares of Summit Therapeutics in a research report on Monday, November 18th. Finally, Jefferies Financial Group assumed coverage on Summit Therapeutics in a report on Friday, December 6th. They issued a "buy" rating and a $31.00 price objective for the company. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average 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.