Summit Therapeutics Inc. (NASDAQ:SMMT) is Baker BROS. Advisors LP’s 4th Largest Position

Baker BROS. Advisors LP increased its position in Summit Therapeutics Inc. (NASDAQ:SMMT) by 5.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 24,424,865 shares of the company’s stock after buying an additional 1,202,643 shares during the quarter. Summit Therapeutics comprises about 5.5% of Baker BROS. Advisors LP’s investment portfolio, making the stock its 4th biggest position. Baker BROS. Advisors LP’s holdings in Summit Therapeutics were worth $534,905,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC lifted its position in Summit Therapeutics by 9.8% during the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after buying an additional 737,692 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Summit Therapeutics by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after acquiring an additional 254,261 shares in the last quarter. Millennium Management LLC purchased a new stake in Summit Therapeutics during the 2nd quarter worth $15,154,000. Charles Schwab Investment Management Inc. increased its holdings in 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 valued at $31,376,000 after purchasing an additional 497,984 shares in the last quarter. Finally, abrdn plc acquired a new stake in Summit Therapeutics in the 3rd quarter valued at $24,885,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Stock Performance

Shares of NASDAQ SMMT opened at $18.46 on Monday. Summit Therapeutics Inc. has a 1 year low of $1.89 and a 1 year high of $33.89. The stock’s 50-day simple moving average is $20.23 and its 200-day simple moving average is $14.15. The firm has a market cap of $13.61 billion, a price-to-earnings ratio of -65.93 and a beta of -0.92.

Wall Street Analysts Forecast Growth

SMMT has been the subject of several analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research report on Monday, November 18th. Stifel Nicolaus upped their price target on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their price objective for the company from $19.00 to $23.00 in a research report on Friday, September 27th. Finally, JMP Securities initiated coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They set a “market outperform” rating and a $32.00 target price on the stock.

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.