Fred Alger Management LLC Buys Shares of 4,775 Summit Therapeutics Inc. (NASDAQ:SMMT)

Fred Alger Management LLC purchased a new stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,775 shares of the company’s stock, valued at approximately $105,000.

A number of other institutional investors have also modified their holdings of SMMT. Russell Investments Group Ltd. lifted 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 acquiring an additional 3,579 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Summit Therapeutics by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock worth $30,095,000 after purchasing an additional 254,261 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Summit Therapeutics by 18.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock worth $138,000 after buying an additional 5,139 shares during the last quarter. Virtu Financial LLC increased its position in Summit Therapeutics by 23.3% during the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after buying an additional 3,846 shares in the last quarter. Finally, Hoylecohen LLC increased its position in Summit Therapeutics by 2.4% during the 2nd quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock valued at $674,000 after buying an additional 2,000 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SMMT has been the topic of a number of research analyst reports. Stifel Nicolaus boosted 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. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. JMP Securities started coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price target for the company. Finally, HC Wainwright reissued a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a report on Monday, November 18th.

Summit Therapeutics Stock Down 2.5 %

Summit Therapeutics stock opened at $18.46 on Monday. Summit Therapeutics Inc. has a 52 week low of $1.89 and a 52 week high of $33.89. The stock has a 50-day moving average price of $20.23 and a 200 day moving average price of $14.15. The company has a market capitalization of $13.61 billion, a price-to-earnings ratio of -65.93 and a beta of -0.92.

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.