World Equity Group Inc. Buys 13,992 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

World Equity Group Inc. increased its stake in Summit Therapeutics Inc. (NASDAQ:SMMT) by 94.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,834 shares of the company’s stock after buying an additional 13,992 shares during the period. World Equity Group Inc.’s holdings in Summit Therapeutics were worth $515,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Creative Planning grew its holdings in Summit Therapeutics by 45.0% in the third quarter. Creative Planning now owns 15,633 shares of the company’s stock worth $342,000 after purchasing an additional 4,851 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Summit Therapeutics by 25.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,205 shares of the company’s stock worth $547,000 after purchasing an additional 5,247 shares during the period. abrdn plc purchased a new stake in Summit Therapeutics in the third quarter worth about $24,885,000. China Universal Asset Management Co. Ltd. grew its holdings in Summit Therapeutics by 69.0% in the third quarter. China Universal Asset Management Co. Ltd. now owns 139,352 shares of the company’s stock worth $3,052,000 after purchasing an additional 56,879 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in Summit Therapeutics by 60.9% in the third quarter. Principal Financial Group Inc. now owns 58,147 shares of the company’s stock worth $1,273,000 after purchasing an additional 22,014 shares during the period. 4.61% of the stock is owned by institutional investors.

Summit Therapeutics Trading Down 4.1 %

Shares of SMMT stock opened at $22.12 on Monday. Summit Therapeutics Inc. has a 12-month low of $2.10 and a 12-month high of $33.89. The firm’s 50 day moving average is $19.91 and its 200 day moving average is $19.09. The stock has a market capitalization of $16.31 billion, a P/E ratio of -79.00 and a beta of -0.88.

Analyst Upgrades and Downgrades

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