JPMorgan Chase & Co. Sells 1,101 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

JPMorgan Chase & Co. reduced its stake in Summit Therapeutics Inc. (NASDAQ:SMMT) by 0.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 162,649 shares of the company’s stock after selling 1,101 shares during the period. JPMorgan Chase & Co.’s holdings in Summit Therapeutics were worth $3,562,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. XTX Topco Ltd purchased a new position in shares of Summit Therapeutics during the 2nd quarter worth approximately $121,000. Squarepoint Ops LLC boosted its position in shares of Summit Therapeutics by 192.2% during the second quarter. Squarepoint Ops LLC now owns 86,064 shares of the company’s stock valued at $671,000 after purchasing an additional 56,614 shares in the last quarter. AQR Capital Management LLC purchased a new stake in Summit Therapeutics in the second quarter worth $484,000. Millennium Management LLC bought a new position in Summit Therapeutics in the second quarter worth $15,154,000. 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 buying an additional 128,934 shares during the period. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Stock Up 4.6 %

Shares of NASDAQ SMMT opened at $19.03 on Friday. The firm has a market cap of $14.03 billion, a P/E ratio of -67.96 and a beta of -0.87. Summit Therapeutics Inc. has a twelve month low of $2.10 and a twelve month high of $33.89. The company has a 50 day moving average of $18.53 and a 200 day moving average of $16.88.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Truist Financial initiated coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price target for the company. Stifel Nicolaus raised their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Wells Fargo & Company assumed coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price target on the stock. JMP Securities assumed coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price target on the stock. Finally, HC Wainwright reiterated a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday, November 18th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $33.57.

About Summit Therapeutics

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.