HealthInvest Partners AB Purchases 15,164 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

HealthInvest Partners AB lifted its position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 17.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 101,177 shares of the company’s stock after acquiring an additional 15,164 shares during the quarter. Summit Therapeutics makes up approximately 0.8% of HealthInvest Partners AB’s portfolio, making the stock its 28th biggest position. HealthInvest Partners AB’s holdings in Summit Therapeutics were worth $1,806,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in SMMT. Baker BROS. Advisors LP raised its holdings in shares of Summit Therapeutics by 5.2% in the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after acquiring an additional 1,202,643 shares in the last quarter. abrdn plc purchased a new stake in shares of Summit Therapeutics in the 3rd quarter worth approximately $24,885,000. FMR LLC lifted its position in shares of 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 during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Summit Therapeutics by 53.3% in 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 during the period. Finally, Principal Financial Group Inc. increased its holdings in Summit Therapeutics by 252.8% during the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company’s stock valued at $3,661,000 after buying an additional 147,003 shares during the period. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Analysts Set New Price Targets

SMMT has been the subject of a number of analyst reports. JMP Securities started coverage on Summit Therapeutics in a report on Monday, November 4th. They set a “market outperform” rating and a $32.00 target price for the company. Jefferies Financial Group initiated coverage on Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 price objective for the company. Wells Fargo & Company initiated coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective on the stock. Truist Financial initiated coverage on shares of Summit Therapeutics in a report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price for the company. Finally, HC Wainwright restated a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a report on Tuesday, January 21st. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $33.57.

Summit Therapeutics Stock Performance

Summit Therapeutics stock opened at $22.12 on Monday. The stock has a market cap of $16.31 billion, a PE ratio of -79.00 and a beta of -0.88. The stock has a 50-day moving average of $19.91 and a two-hundred day moving average of $19.09. Summit Therapeutics Inc. has a one year low of $2.10 and a one year high of $33.89.

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.