Sargent Investment Group LLC Boosts Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Sargent Investment Group LLC lifted its position in Summit Therapeutics Inc. (NASDAQ:SMMT) by 11.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 80,500 shares of the company’s stock after purchasing an additional 8,500 shares during the quarter. Sargent Investment Group LLC’s holdings in Summit Therapeutics were worth $1,763,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Russell Investments Group Ltd. grew its holdings in shares of 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 purchasing an additional 3,579 shares during the period. Covestor Ltd grew its position in shares of Summit Therapeutics by 2,767.4% during the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after buying an additional 1,190 shares in the last quarter. Virtu Financial LLC increased its stake 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 buying an additional 3,846 shares during the period. Fullcircle Wealth LLC acquired a new stake in Summit Therapeutics in the second quarter valued at approximately $95,000. Finally, EntryPoint Capital LLC purchased a new position in Summit Therapeutics in the first quarter worth approximately $100,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SMMT has been the topic of a number of recent analyst reports. JMP Securities started coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective on the stock. Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their target price for the company from $19.00 to $23.00 in a report on Friday, September 27th. HC Wainwright decreased their price target on Summit Therapeutics from $45.00 to $44.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Finally, Stifel Nicolaus increased their price objective on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, September 25th.

Summit Therapeutics Stock Performance

NASDAQ SMMT traded up $0.52 during trading hours on Thursday, hitting $19.99. The company had a trading volume of 744,296 shares, compared to its average volume of 3,586,862. The business has a 50 day moving average of $21.21 and a 200-day moving average of $12.88. Summit Therapeutics Inc. has a 1-year low of $1.84 and a 1-year high of $33.89. The company has a market cap of $14.74 billion, a PE ratio of -69.53 and a beta of -0.92.

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.