Charles Schwab Investment Management Inc. Raises Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Charles Schwab Investment Management Inc. increased its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT) by 53.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,432,713 shares of the company’s stock after purchasing an additional 497,984 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.19% of Summit Therapeutics worth $31,376,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in SMMT. Millennium Management LLC purchased a new position in Summit Therapeutics in the 2nd quarter worth $15,154,000. abrdn plc purchased a new position in shares of Summit Therapeutics in the third quarter valued at about $24,885,000. TD Asset Management Inc purchased a new position in shares of Summit Therapeutics in the second quarter valued at about $2,081,000. Vanguard Group Inc. increased its position in shares of Summit Therapeutics by 3.6% in the first 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 during the period. Finally, The Manufacturers Life Insurance Company increased its position in shares of Summit Therapeutics by 167.2% in 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 period. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Wall Street Analysts Forecast Growth

SMMT has been the topic of a number of analyst reports. HC Wainwright restated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research report on Monday, November 18th. Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $19.00 to $23.00 in a research report on Friday, September 27th. Stifel Nicolaus boosted their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Finally, 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 target price on the stock.

Summit Therapeutics Trading Down 3.9 %

Shares of SMMT opened at $17.77 on Wednesday. The firm’s 50-day moving average price is $20.03 and its 200-day moving average price is $14.34. The firm has a market capitalization of $13.10 billion, a price-to-earnings ratio of -63.46 and a beta of -0.92. Summit Therapeutics Inc. has a 1-year low of $2.05 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.