Sargent Investment Group LLC Acquires 8,500 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Sargent Investment Group LLC increased its stake in Summit Therapeutics Inc. (NASDAQ:SMMT) by 11.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 80,500 shares of the company’s stock after acquiring an additional 8,500 shares during the period. Sargent Investment Group LLC’s holdings in Summit Therapeutics were worth $1,763,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Millennium Management LLC purchased a new position in shares of Summit Therapeutics during the second quarter worth approximately $15,154,000. abrdn plc purchased a new position in Summit Therapeutics in the third quarter valued at about $24,885,000. TD Asset Management Inc bought a new stake in shares of Summit Therapeutics in the 2nd quarter valued at about $2,081,000. Vanguard Group Inc. raised its stake in shares of Summit Therapeutics by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock worth $30,095,000 after acquiring an additional 254,261 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in Summit Therapeutics by 167.2% during 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 last quarter. 4.61% of the stock is owned by institutional investors.

Summit Therapeutics Stock Up 2.7 %

Shares of Summit Therapeutics stock traded up $0.52 during trading hours on Thursday, reaching $19.99. 744,296 shares of the company’s stock were exchanged, compared to its average volume of 3,586,862. The business has a fifty day moving average of $21.21 and a two-hundred day moving average of $12.88. The company has a market capitalization of $14.74 billion, a P/E ratio of -69.53 and a beta of -0.92. Summit Therapeutics Inc. has a 1 year low of $1.84 and a 1 year high of $33.89.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. HC Wainwright cut their price target on shares of Summit Therapeutics from $45.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their target price for the stock 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 research note on Monday, November 4th. They set a “market outperform” rating and a $32.00 price target on the stock. Finally, Stifel Nicolaus lifted their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th.

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.