Sovran Advisors LLC Makes New Investment in Summit Therapeutics Inc. (NASDAQ:SMMT)

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

Other institutional investors have also added to or reduced their stakes in the company. Darwin Wealth Management LLC bought a new position in shares of Summit Therapeutics during the 3rd quarter valued at about $25,000. Covestor Ltd lifted its holdings in shares of Summit Therapeutics by 2,767.4% in the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after acquiring an additional 1,190 shares during the last quarter. Brooklyn Investment Group purchased a new stake in shares of Summit Therapeutics in the 4th quarter valued at $29,000. Fred Alger Management LLC purchased a new position in Summit Therapeutics in the 3rd quarter worth $105,000. Finally, Avanza Fonder AB purchased a new position in Summit Therapeutics in the 4th quarter worth $115,000. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Trading Up 1.9 %

SMMT opened at $20.50 on Tuesday. The stock has a fifty day simple moving average of $19.30 and a two-hundred day simple moving average of $18.33. Summit Therapeutics Inc. has a 12-month low of $2.10 and a 12-month high of $33.89.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SMMT. HC Wainwright reiterated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a report on Tuesday, January 21st. Wells Fargo & Company initiated coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price on the stock. Jefferies Financial Group initiated coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 price target for the company. Truist Financial initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective on the stock. Finally, JMP Securities began coverage on Summit Therapeutics in a research report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price target for the company. One analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $33.57.

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.