Baker BROS. Advisors LP Purchases 1,202,643 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Baker BROS. Advisors LP boosted its position in Summit Therapeutics Inc. (NASDAQ:SMMT) by 5.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,424,865 shares of the company’s stock after purchasing an additional 1,202,643 shares during the period. Summit Therapeutics comprises 5.5% of Baker BROS. Advisors LP’s investment portfolio, making the stock its 4th biggest position. Baker BROS. Advisors LP owned approximately 3.31% of Summit Therapeutics worth $534,905,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fred Alger Management LLC purchased a new position in Summit Therapeutics during the 3rd quarter valued at about $105,000. Verition Fund Management LLC acquired a new stake in shares of Summit Therapeutics in the third quarter valued at approximately $409,000. FORA Capital LLC acquired a new stake in shares of Summit Therapeutics in the third quarter valued at approximately $2,823,000. CreativeOne Wealth LLC increased its stake in shares of Summit Therapeutics by 74.1% during the 3rd quarter. CreativeOne Wealth LLC now owns 20,195 shares of the company’s stock worth $442,000 after purchasing an additional 8,595 shares in the last quarter. Finally, FMR LLC raised its position in shares of Summit Therapeutics by 9.8% during 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 last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Stock Down 2.5 %

Shares of NASDAQ:SMMT opened at $18.46 on Monday. The business has a fifty day simple moving average of $20.23 and a 200-day simple moving average of $14.15. Summit Therapeutics Inc. has a 52 week low of $1.89 and a 52 week high of $33.89. The company has a market cap of $13.61 billion, a P/E ratio of -65.93 and a beta of -0.92.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. HC Wainwright reiterated a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a report on Monday, November 18th. JMP Securities started coverage on Summit Therapeutics in a research note on Monday, November 4th. They set 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 lifted their price objective for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. Finally, Stifel Nicolaus upped their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, September 25th.

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.