XTX Topco Ltd Buys 8,415 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

XTX Topco Ltd boosted its stake in Summit Therapeutics Inc. (NASDAQ:SMMT) by 54.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,915 shares of the company’s stock after buying an additional 8,415 shares during the quarter. XTX Topco Ltd’s holdings in Summit Therapeutics were worth $524,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Baker BROS. Advisors LP increased its position in shares of Summit Therapeutics by 5.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after purchasing an additional 1,202,643 shares in the last quarter. FMR LLC increased its holdings in shares of Summit Therapeutics by 9.8% during the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after buying an additional 737,692 shares in the last quarter. Millennium Management LLC bought a new position in shares of Summit Therapeutics in the second quarter valued at approximately $15,154,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of 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 worth $31,376,000 after acquiring an additional 497,984 shares in the last quarter. Finally, abrdn plc bought a new stake in Summit Therapeutics during the 3rd quarter worth approximately $24,885,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SMMT has been the topic of several research analyst reports. JMP Securities began coverage on Summit Therapeutics in a report on Monday, November 4th. They set a “market outperform” rating and a $32.00 target price on the stock. Stifel Nicolaus raised their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Wells Fargo & Company began coverage on shares of Summit Therapeutics in a research note on Wednesday. They issued an “overweight” rating and a $30.00 target price for the company. Jefferies Financial Group assumed coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 price target on the stock. Finally, HC Wainwright restated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research report on Monday, November 18th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.33.

Summit Therapeutics Price Performance

Shares of NASDAQ:SMMT opened at $17.83 on Friday. The stock has a market cap of $13.15 billion, a price-to-earnings ratio of -65.35 and a beta of -0.92. The company has a 50 day moving average of $19.64 and a 200-day moving average of $14.88. Summit Therapeutics Inc. has a one year low of $2.10 and a one year high of $33.89.

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.