Sovran Advisors LLC Purchases New Stake in Summit Therapeutics Inc. (NASDAQ:SMMT)

Sovran Advisors LLC acquired a new position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 117,174 shares of the company’s stock, valued at approximately $1,951,000.

A number of other large investors have also recently made changes to their positions in the business. CIBC Asset Management Inc raised its holdings in shares of Summit Therapeutics by 3.8% in the 3rd quarter. CIBC Asset Management Inc now owns 20,445 shares of the company’s stock worth $448,000 after acquiring an additional 740 shares during the last quarter. Darwin Wealth Management LLC purchased a new stake in shares of Summit Therapeutics in the third quarter worth approximately $25,000. Covestor Ltd lifted its holdings in shares of Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after purchasing an additional 1,190 shares in the last quarter. Brooklyn Investment Group purchased a new position in shares of Summit Therapeutics during the fourth quarter valued at approximately $29,000. Finally, World Equity Group Inc. grew its holdings in Summit Therapeutics by 16.1% during the third quarter. World Equity Group Inc. now owns 14,842 shares of the company’s stock worth $325,000 after buying an additional 2,063 shares in the last quarter. 4.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Summit Therapeutics Trading Up 1.9 %

NASDAQ:SMMT opened at $20.50 on Tuesday. The business’s fifty day moving average is $19.30 and its 200 day moving average is $18.33. Summit Therapeutics Inc. has a 52-week low of $2.10 and a 52-week high of $33.89.

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.