Fred Alger Management LLC Invests $105,000 in 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 filing with the Securities & Exchange Commission. The firm purchased 4,775 shares of the company’s stock, valued at approximately $105,000.

Other large investors also recently bought and sold shares of the company. Darwin Wealth Management LLC purchased a new position in shares of Summit Therapeutics during the 3rd quarter valued at approximately $25,000. Covestor Ltd grew its position in Summit Therapeutics by 2,767.4% during the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after buying an additional 1,190 shares during the period. Russell Investments Group Ltd. increased its holdings in Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after buying an additional 3,579 shares in the last quarter. Willis Investment Counsel acquired a new position in shares of Summit Therapeutics in the third quarter worth about $219,000. Finally, Fullcircle Wealth LLC acquired a new stake in shares of Summit Therapeutics during the 2nd quarter valued at about $95,000. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock opened at $18.46 on Monday. The stock has a market capitalization of $13.61 billion, a P/E ratio of -65.93 and a beta of -0.92. The business has a 50 day simple moving average of $20.23 and a two-hundred day simple moving average of $14.15. Summit Therapeutics Inc. has a 12 month low of $1.89 and a 12 month high of $33.89.

Analyst Ratings Changes

A number of research firms recently weighed in on SMMT. Citigroup cut Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their price target for the stock from $19.00 to $23.00 in a report on Friday, September 27th. Stifel Nicolaus upped their target price on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. HC Wainwright reissued a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a research note on Monday, November 18th. 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 price objective for the company.

About Summit Therapeutics

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.