SG Americas Securities LLC Takes Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

SG Americas Securities LLC purchased a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) during the third quarter, HoldingsChannel.com reports. The institutional investor purchased 32,756 shares of the company’s stock, valued at approximately $717,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Summit Therapeutics by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after purchasing an additional 254,261 shares during the last quarter. Millennium Management LLC acquired a new position in Summit Therapeutics during the 2nd quarter worth approximately $15,154,000. TD Asset Management Inc purchased a new stake in shares of Summit Therapeutics in the second quarter valued at approximately $2,081,000. The Manufacturers Life Insurance Company lifted its holdings in Summit Therapeutics by 167.2% in the second quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock valued at $1,607,000 after acquiring an additional 128,934 shares during the period. Finally, China Universal Asset Management Co. Ltd. grew its stake in shares of Summit Therapeutics by 66.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company’s stock worth $558,000 after purchasing an additional 53,774 shares during the period. Institutional investors and hedge funds own 4.61% of the company’s stock.

Analysts Set New Price Targets

SMMT has been the topic of several recent analyst reports. 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 research report on Wednesday, September 25th. HC Wainwright reaffirmed a “buy” rating and set a $45.00 price target on shares of Summit Therapeutics in a research note on Friday, October 4th. Finally, Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their price objective for the company from $19.00 to $23.00 in a research note on Friday, September 27th.

Summit Therapeutics Stock Performance

Shares of NASDAQ:SMMT opened at $19.95 on Monday. The business’s fifty day moving average price is $17.18 and its two-hundred day moving average price is $10.20. The stock has a market cap of $14.45 billion, a PE ratio of -86.74 and a beta of -0.97. Summit Therapeutics Inc. has a one year low of $1.64 and a one year high of $33.89.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. As a group, equities research analysts predict that Summit Therapeutics Inc. will post -0.27 earnings per share for the current fiscal year.

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.