Wealth Management Partners LLC Raises Holdings in Summit Therapeutics Inc. (NASDAQ:SMMT)

Wealth Management Partners LLC raised its holdings in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 10.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 97,383 shares of the company’s stock after acquiring an additional 9,000 shares during the quarter. Summit Therapeutics accounts for approximately 0.8% of Wealth Management Partners LLC’s investment portfolio, making the stock its 29th biggest position. Wealth Management Partners LLC’s holdings in Summit Therapeutics were worth $1,738,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in SMMT. CIBC Asset Management Inc boosted its stake in shares of Summit Therapeutics by 3.8% in the 3rd quarter. CIBC Asset Management Inc now owns 20,445 shares of the company’s stock worth $448,000 after buying an additional 740 shares during the last quarter. Darwin Wealth Management LLC purchased a new position in shares of Summit Therapeutics in the 3rd quarter worth $25,000. Covestor Ltd boosted its stake in shares of Summit Therapeutics by 2,767.4% in the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after buying an additional 1,190 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of Summit Therapeutics in the 4th quarter worth $29,000. Finally, World Equity Group Inc. boosted its stake in shares of Summit Therapeutics by 16.1% in the 3rd quarter. World Equity Group Inc. now owns 14,842 shares of the company’s stock worth $325,000 after buying an additional 2,063 shares during the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Price Performance

NASDAQ:SMMT opened at $19.03 on Monday. The business’s 50-day simple moving average is $18.53 and its two-hundred day simple moving average is $16.95. Summit Therapeutics Inc. has a 52 week low of $2.10 and a 52 week high of $33.89.

Wall Street Analyst Weigh In

SMMT has been the topic of a number of recent research reports. Truist Financial initiated coverage on Summit Therapeutics in a report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price on the stock. JMP Securities initiated coverage on Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price on the stock. Wells Fargo & Company initiated coverage on Summit Therapeutics in a report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price on the stock. Jefferies Financial Group initiated coverage on Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 target price on the stock. Finally, Stifel Nicolaus raised their target price on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.57.

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.