Janney Montgomery Scott LLC Purchases 4,443 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Janney Montgomery Scott LLC raised its position in Summit Therapeutics Inc. (NASDAQ:SMMT) by 39.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,716 shares of the company’s stock after purchasing an additional 4,443 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Summit Therapeutics were worth $280,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Darwin Wealth Management LLC acquired a new position in shares of Summit Therapeutics in the third quarter valued at approximately $25,000. Covestor Ltd increased its position in Summit Therapeutics by 2,767.4% in the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after acquiring an additional 1,190 shares during the period. Brooklyn Investment Group acquired a new position in Summit Therapeutics in the 4th quarter valued at approximately $29,000. Fred Alger Management LLC acquired a new position in shares of Summit Therapeutics during the third quarter worth $105,000. Finally, Avanza Fonder AB bought a new stake in shares of Summit Therapeutics in the fourth quarter worth $115,000. 4.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SMMT has been the topic of several recent research reports. Truist Financial initiated coverage on Summit Therapeutics in a report on Wednesday, January 8th. They set a “buy” rating and a $35.00 target price on the stock. HC Wainwright reissued a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a research report on Tuesday, January 21st. Wells Fargo & Company started coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price target on the stock. JMP Securities started 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 for the company. Finally, Jefferies Financial Group began coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 target price on the stock. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.57.

Summit Therapeutics Stock Down 6.9 %

Summit Therapeutics stock opened at $19.08 on Wednesday. The company has a market capitalization of $14.07 billion, a PE ratio of -68.14 and a beta of -0.88. Summit Therapeutics Inc. has a 12-month low of $2.10 and a 12-month high of $33.89. The firm’s fifty day moving average is $19.34 and its 200 day moving average is $18.40.

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.