Aigen Investment Management LP Buys New Holdings in Summit Therapeutics Inc. (NASDAQ:SMMT)

Aigen Investment Management LP purchased a new stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 13,963 shares of the company’s stock, valued at approximately $306,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SMMT. Vanguard Group Inc. grew its holdings in shares of Summit Therapeutics by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock worth $30,095,000 after purchasing an additional 254,261 shares during the period. Millennium Management LLC acquired a new stake in shares of Summit Therapeutics in the second quarter worth $15,154,000. abrdn plc purchased a new position in shares of Summit Therapeutics in the 3rd quarter valued at $24,885,000. TD Asset Management Inc acquired a new position in shares of Summit Therapeutics during the 2nd quarter valued at $2,081,000. Finally, The Manufacturers Life Insurance Company boosted its position in Summit Therapeutics by 167.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock worth $1,607,000 after purchasing an additional 128,934 shares during the period. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on SMMT. JMP Securities started coverage on Summit Therapeutics in a research note on Monday, November 4th. They set a “market outperform” rating and a $32.00 price objective on the stock. Stifel Nicolaus increased 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. HC Wainwright reduced their target price on shares of Summit Therapeutics from $45.00 to $44.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Finally, Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and raised their price target for the company from $19.00 to $23.00 in a report on Friday, September 27th.

Summit Therapeutics Trading Down 5.9 %

Summit Therapeutics stock opened at $18.31 on Friday. The stock has a 50 day moving average of $21.35 and a 200-day moving average of $12.92. The stock has a market cap of $13.50 billion, a P/E ratio of -65.39 and a beta of -0.92. Summit Therapeutics Inc. has a 52 week low of $1.84 and a 52 week high of $33.89.

Summit Therapeutics 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.