CIBC Asset Management Inc Increases Stock Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

CIBC Asset Management Inc increased its position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 3.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 20,445 shares of the company’s stock after purchasing an additional 740 shares during the quarter. CIBC Asset Management Inc’s holdings in Summit Therapeutics were worth $448,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Griffin Asset Management Inc. purchased a new position in Summit Therapeutics in the 3rd quarter valued at approximately $1,484,000. Millennium Management LLC bought a new position in shares of Summit Therapeutics in the second quarter worth $15,154,000. China Universal Asset Management Co. Ltd. grew its position in shares of Summit Therapeutics by 69.0% in the third quarter. China Universal Asset Management Co. Ltd. now owns 139,352 shares of the company’s stock valued at $3,052,000 after purchasing an additional 56,879 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Summit Therapeutics during the 3rd quarter valued at $717,000. Finally, abrdn plc purchased a new stake in Summit Therapeutics during the 3rd quarter worth about $24,885,000. 4.61% of the stock is owned by institutional investors.

Summit Therapeutics Stock Down 1.1 %

SMMT stock opened at $18.42 on Friday. The business has a 50 day moving average of $21.15 and a 200 day moving average of $13.43. The firm has a market cap of $13.58 billion, a PE ratio of -65.78 and a beta of -0.92. Summit Therapeutics Inc. has a twelve month low of $1.89 and a twelve month high of $33.89.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SMMT. Stifel Nicolaus upped their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. HC Wainwright reissued a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday. JMP Securities began coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price on the stock. Finally, Citigroup downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price target for the company from $19.00 to $23.00 in a research report on Friday, September 27th.

Summit Therapeutics Company 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.