HealthInvest Partners AB Makes New Investment in Summit Therapeutics Inc. (NASDAQ:SMMT)

HealthInvest Partners AB purchased a new stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 86,013 shares of the company’s stock, valued at approximately $1,884,000. Summit Therapeutics makes up 0.9% of HealthInvest Partners AB’s investment portfolio, making the stock its 26th biggest holding.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Russell Investments Group Ltd. lifted its position in Summit Therapeutics by 142.2% during the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after acquiring an additional 3,579 shares during the period. Darwin Wealth Management LLC purchased a new stake in shares of Summit Therapeutics in the 3rd quarter valued at $25,000. Covestor Ltd increased its stake in shares of Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after acquiring an additional 1,190 shares during the period. Virtu Financial LLC raised its holdings in shares of Summit Therapeutics by 23.3% during the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after purchasing an additional 3,846 shares during the last quarter. Finally, Fullcircle Wealth LLC acquired a new position in Summit Therapeutics during the second quarter valued at $95,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SMMT. HC Wainwright reissued a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a report on Monday. Citigroup cut shares of 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 research note on Friday, September 27th. JMP Securities began coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective for the company. Finally, Stifel Nicolaus boosted their price objective on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th.

Summit Therapeutics Stock Up 0.8 %

SMMT traded up $0.14 during trading on Thursday, reaching $18.76. The company’s stock had a trading volume of 156,937 shares, compared to its average volume of 3,542,656. The firm has a fifty day simple moving average of $21.33 and a two-hundred day simple moving average of $13.40. The company has a market cap of $13.83 billion, a price-to-earnings ratio of -66.50 and a beta of -0.92. Summit Therapeutics Inc. has a 1 year low of $1.89 and a 1 year high of $33.89.

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.