Wellington Management Group LLP Has $968,000 Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Wellington Management Group LLP lowered its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT) by 83.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 44,188 shares of the company’s stock after selling 223,964 shares during the quarter. Wellington Management Group LLP’s holdings in Summit Therapeutics were worth $968,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. CIBC Asset Management Inc boosted its holdings in Summit Therapeutics by 3.8% during the third quarter. CIBC Asset Management Inc now owns 20,445 shares of the company’s stock valued at $448,000 after purchasing an additional 740 shares in the last quarter. Darwin Wealth Management LLC acquired a new stake in Summit Therapeutics in the 3rd quarter valued at $25,000. Covestor Ltd boosted its stake in Summit Therapeutics by 2,767.4% in the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after buying an additional 1,190 shares in the last quarter. World Equity Group Inc. grew its position in Summit Therapeutics by 16.1% in the third quarter. World Equity Group Inc. now owns 14,842 shares of the company’s stock valued at $325,000 after acquiring an additional 2,063 shares during the period. Finally, Fred Alger Management LLC acquired a new position in Summit Therapeutics during the third quarter worth $105,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Trading Up 8.4 %

Shares of NASDAQ SMMT opened at $18.40 on Friday. Summit Therapeutics Inc. has a 1-year low of $2.10 and a 1-year high of $33.89. The company has a 50-day moving average of $19.55 and a two-hundred day moving average of $15.31. The company has a market cap of $13.57 billion, a PE ratio of -65.71 and a beta of -0.92.

Wall Street Analyst Weigh In

SMMT has been the topic of several recent analyst reports. 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 target price on the stock. JMP Securities began coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price target on the stock. Stifel Nicolaus upped their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Wells Fargo & Company began coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price for the company. Finally, Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their price target for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Summit Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $33.33.

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.