Fmr LLC Grows Holdings in Summit Therapeutics Inc. (NASDAQ:SMMT)

Fmr LLC increased its stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 9.8% in the third quarter, HoldingsChannel.com reports. The firm owned 8,303,119 shares of the company’s stock after buying an additional 737,692 shares during the period. Fmr LLC’s holdings in Summit Therapeutics were worth $181,838,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Summit Therapeutics by 3.6% during the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock worth $30,095,000 after buying an additional 254,261 shares during the period. Millennium Management LLC purchased a new position in Summit Therapeutics during the 2nd quarter valued at about $15,154,000. Charles Schwab Investment Management Inc. grew its position in Summit Therapeutics by 53.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock valued at $31,376,000 after acquiring an additional 497,984 shares in the last quarter. abrdn plc purchased a new stake in Summit Therapeutics during the third quarter worth about $24,885,000. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Summit Therapeutics by 43.5% during the third quarter. The Manufacturers Life Insurance Company now owns 295,629 shares of the company’s stock worth $6,474,000 after purchasing an additional 89,572 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Trading Up 0.2 %

Shares of NASDAQ:SMMT opened at $18.49 on Tuesday. The company has a market cap of $13.64 billion, a PE ratio of -66.03 and a beta of -0.92. The company’s 50 day moving average is $20.16 and its two-hundred day moving average is $14.25. Summit Therapeutics Inc. has a 52 week low of $2.05 and a 52 week high of $33.89.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SMMT. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their target price for the stock from $19.00 to $23.00 in a research note on Friday, September 27th. JMP Securities assumed coverage on Summit Therapeutics in a research report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price objective on the stock. Stifel Nicolaus lifted their target price on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Finally, HC Wainwright restated a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a report on Monday, November 18th.

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.