Bank of Montreal Can Buys Shares of 97,575 Summit Therapeutics Inc. (NASDAQ:SMMT)

Bank of Montreal Can purchased a new stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 97,575 shares of the company’s stock, valued at approximately $2,038,000.

A number of other hedge funds have also recently added to or reduced their stakes in SMMT. Cerity Partners LLC acquired a new position in shares of Summit Therapeutics during the 3rd quarter worth $2,178,000. Griffin Asset Management Inc. bought a new stake in shares of Summit Therapeutics during the 3rd quarter worth about $1,484,000. Millennium Management LLC acquired a new position in shares of Summit Therapeutics during the 2nd quarter valued at about $15,154,000. China Universal Asset Management Co. Ltd. raised its stake in shares of Summit Therapeutics by 69.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 139,352 shares of the company’s stock valued at $3,052,000 after acquiring an additional 56,879 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in Summit Therapeutics in the 3rd quarter worth approximately $717,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Stock Performance

NASDAQ:SMMT opened at $17.52 on Friday. The firm’s 50-day moving average is $19.83 and its 200-day moving average is $14.39. The company has a market cap of $12.92 billion, a price-to-earnings ratio of -62.57 and a beta of -0.92. Summit Therapeutics Inc. has a 52-week low of $2.05 and a 52-week high of $33.89.

Wall Street Analyst Weigh In

Several brokerages have commented on SMMT. JMP Securities began coverage on Summit Therapeutics in a report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price target on the stock. Stifel Nicolaus upped their price target on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. HC Wainwright reiterated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday, November 18th. Finally, Citigroup downgraded 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 research note on Friday, September 27th.

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.