FORA Capital LLC Invests $2.82 Million in Summit Therapeutics Inc. (NASDAQ:SMMT)

FORA Capital LLC acquired a new stake in Summit Therapeutics Inc. (NASDAQ:SMMT) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 128,894 shares of the company’s stock, valued at approximately $2,823,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Darwin Wealth Management LLC acquired a new position in Summit Therapeutics during the third quarter worth about $25,000. Covestor Ltd increased its stake 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. Russell Investments Group Ltd. raised its holdings in shares of Summit Therapeutics by 142.2% during the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after acquiring an additional 3,579 shares during the period. Willis Investment Counsel purchased a new position in shares of Summit Therapeutics during the 3rd quarter worth $219,000. Finally, Fullcircle Wealth LLC acquired a new position in shares of Summit Therapeutics during the 2nd quarter valued at about $95,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Stock Down 0.9 %

Shares of SMMT traded down $0.18 during mid-day trading on Wednesday, hitting $19.02. 218,592 shares of the company’s stock were exchanged, compared to its average volume of 3,513,982. The stock’s 50-day moving average is $20.54 and its 200-day moving average is $13.85. Summit Therapeutics Inc. has a fifty-two week low of $1.89 and a fifty-two week high of $33.89.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. HC Wainwright reaffirmed a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a research note on Monday, November 18th. Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price target for the company from $19.00 to $23.00 in a research report on Friday, September 27th. JMP Securities started coverage on Summit Therapeutics in a research report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective for the company. Finally, Stifel Nicolaus lifted their target price on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th.

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.