Vance Wealth Inc. Has $435,000 Holdings in Summit Therapeutics Inc. (NASDAQ:SMMT)

Vance Wealth Inc. lessened its stake in Summit Therapeutics Inc. (NASDAQ:SMMT) by 49.4% in the 3rd quarter, HoldingsChannel reports. The fund owned 19,885 shares of the company’s stock after selling 19,381 shares during the quarter. Vance Wealth Inc.’s holdings in Summit Therapeutics were worth $435,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SMMT. Millennium Management LLC acquired a new stake in Summit Therapeutics in the 2nd quarter valued at about $15,154,000. abrdn plc acquired a new stake in Summit Therapeutics in the 3rd quarter valued at about $24,885,000. TD Asset Management Inc acquired a new stake in Summit Therapeutics in the 2nd quarter valued at about $2,081,000. Vanguard Group Inc. increased its position in 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 acquiring an additional 254,261 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in Summit Therapeutics by 167.2% in the 2nd 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 in the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

Analyst Upgrades and Downgrades

SMMT has been the topic of several recent research reports. JMP Securities initiated coverage on shares of 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. Stifel Nicolaus raised their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and raised their target price for the company from $19.00 to $23.00 in a research note on Friday, September 27th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research note on Monday.

Summit Therapeutics Price Performance

Summit Therapeutics stock opened at $18.98 on Tuesday. The company’s 50 day simple moving average is $21.47 and its 200 day simple moving average is $13.25. Summit Therapeutics Inc. has a fifty-two week low of $1.89 and a fifty-two week high of $33.89. The firm has a market capitalization of $14.00 billion, a price-to-earnings ratio of -67.78 and a beta of -0.92.

About Summit Therapeutics

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.