Principal Financial Group Inc. Boosts Holdings in Summit Therapeutics Inc. (NASDAQ:SMMT)

Principal Financial Group Inc. boosted its stake in Summit Therapeutics Inc. (NASDAQ:SMMT) by 60.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,147 shares of the company’s stock after purchasing an additional 22,014 shares during the quarter. Principal Financial Group Inc.’s holdings in Summit Therapeutics were worth $1,273,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Russell Investments Group Ltd. raised its position in Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after purchasing an additional 3,579 shares in the last quarter. Willis Investment Counsel bought a new stake in Summit Therapeutics in the 3rd quarter worth approximately $219,000. Fullcircle Wealth LLC purchased a new stake in Summit Therapeutics in the second quarter worth approximately $95,000. World Equity Group Inc. grew its position in Summit Therapeutics by 16.1% during the third quarter. World Equity Group Inc. now owns 14,842 shares of the company’s stock valued at $325,000 after acquiring an additional 2,063 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of Summit Therapeutics during the second quarter worth approximately $121,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Stock Up 3.1 %

Shares of SMMT stock opened at $19.00 on Friday. The stock has a fifty day moving average of $20.89 and a 200 day moving average of $13.59. The firm has a market capitalization of $14.01 billion, a price-to-earnings ratio of -67.85 and a beta of -0.92. Summit Therapeutics Inc. has a 52 week low of $1.89 and a 52 week high of $33.89.

Analysts Set New Price Targets

SMMT has been the topic of a number of analyst reports. HC Wainwright reiterated a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research report on Monday, November 18th. JMP Securities started coverage on Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective on the stock. Citigroup cut 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. Finally, Stifel Nicolaus lifted their price target on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th.

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.