Janney Montgomery Scott LLC Purchases 4,443 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Janney Montgomery Scott LLC increased its position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 39.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,716 shares of the company’s stock after purchasing an additional 4,443 shares during the period. Janney Montgomery Scott LLC’s holdings in Summit Therapeutics were worth $280,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Baker BROS. Advisors LP lifted its holdings in shares of Summit Therapeutics by 5.2% during the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after buying an additional 1,202,643 shares in the last quarter. FMR LLC raised its stake in Summit Therapeutics by 9.8% in the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after purchasing an additional 737,692 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Summit Therapeutics by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company’s stock valued at $67,899,000 after purchasing an additional 135,981 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Summit Therapeutics by 53.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock worth $31,376,000 after purchasing an additional 497,984 shares in the last quarter. Finally, abrdn plc acquired a new stake in shares of Summit Therapeutics in the third quarter valued at approximately $24,885,000. 4.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SMMT shares. Jefferies Financial Group assumed coverage on Summit Therapeutics in a research report on Friday, December 6th. They set a “buy” rating and a $31.00 price target on the stock. Truist Financial assumed coverage on Summit Therapeutics in a report on Wednesday, January 8th. They set a “buy” rating and a $35.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a research note on Tuesday, January 21st. JMP Securities assumed 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 objective on the stock. Finally, Wells Fargo & Company started coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price for the company. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.57.

Summit Therapeutics Trading Down 6.9 %

SMMT stock opened at $19.08 on Wednesday. The firm has a 50-day moving average price of $19.34 and a 200-day moving average price of $18.40. Summit Therapeutics Inc. has a 12 month low of $2.10 and a 12 month high of $33.89. The stock has a market capitalization of $14.07 billion, a P/E ratio of -68.14 and a beta of -0.88.

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.