Virtu Financial LLC Invests $925,000 in Summit Therapeutics Inc. (NASDAQ:SMMT)

Virtu Financial LLC acquired a new stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 42,243 shares of the company’s stock, valued at approximately $925,000.

A number of other hedge funds also recently bought and sold shares of SMMT. Millennium Management LLC purchased a new position in shares of Summit Therapeutics during the second quarter worth approximately $15,154,000. Baker BROS. Advisors LP grew its holdings in shares of Summit Therapeutics by 5.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after purchasing an additional 1,202,643 shares during the last quarter. abrdn plc purchased a new position in Summit Therapeutics in the 3rd quarter worth $24,885,000. FMR LLC raised its position 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 during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Summit Therapeutics by 53.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock valued at $31,376,000 after buying an additional 497,984 shares during the period. Institutional investors own 4.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Wells Fargo & Company began coverage on Summit Therapeutics in a report on Wednesday. They issued an “overweight” rating and a $30.00 price objective on the stock. 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. JMP Securities began coverage on Summit Therapeutics in a research note on Monday, November 4th. They set a “market outperform” rating and a $32.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research note on Monday, November 18th. Finally, Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their price target for the company from $19.00 to $23.00 in a research report on Friday, September 27th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $33.33.

Summit Therapeutics Stock Performance

Shares of SMMT stock opened at $17.83 on Friday. Summit Therapeutics Inc. has a fifty-two week low of $2.10 and a fifty-two week high of $33.89. The firm has a market cap of $13.15 billion, a P/E ratio of -63.68 and a beta of -0.92. The business’s 50 day moving average price is $19.62 and its 200-day moving average price is $14.98.

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.