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

World Equity Group Inc. grew its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT) by 94.3% during the 4th quarter, Holdings Channel reports. The fund 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 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Darwin Wealth Management LLC bought a new position in Summit Therapeutics in the third quarter worth approximately $25,000. Covestor Ltd raised its position in Summit Therapeutics by 2,767.4% in the third 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 period. Brooklyn Investment Group bought a new position in Summit Therapeutics in the fourth quarter worth approximately $29,000. Fred Alger Management LLC bought a new position in Summit Therapeutics in the third quarter worth approximately $105,000. Finally, Avanza Fonder AB bought a new position in Summit Therapeutics in the fourth quarter worth approximately $115,000. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Stock Performance

Shares of NASDAQ SMMT opened at $22.12 on Monday. The company has a market cap of $16.31 billion, a P/E ratio of -79.00 and a beta of -0.88. The firm’s fifty day moving average is $19.91 and its two-hundred day moving average is $19.09. Summit Therapeutics Inc. has a 52-week low of $2.10 and a 52-week high of $33.89.

Analysts Set New Price Targets

Several research firms have weighed in on SMMT. Jefferies Financial Group initiated coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They issued a “buy” rating and a $31.00 price target on the stock. 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 on the stock. HC Wainwright restated a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, January 21st. Truist Financial initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective on the stock. Finally, Wells Fargo & Company initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective on the stock. One investment 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.com, the stock has an average 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.