Franklin Resources Inc. Purchases New Shares in Summit Therapeutics Inc. (NASDAQ:SMMT)

Franklin Resources Inc. acquired a new stake in Summit Therapeutics Inc. (NASDAQ:SMMT) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 103,276 shares of the company’s stock, valued at approximately $2,091,000.

Other large investors also recently made changes to their positions in the company. Baker BROS. Advisors LP lifted its position in Summit Therapeutics by 5.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after buying an additional 1,202,643 shares in the last quarter. FMR LLC raised its stake in shares of Summit Therapeutics by 9.8% in the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after acquiring an additional 737,692 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Summit Therapeutics by 4.6% during the third quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company’s stock worth $67,899,000 after purchasing an additional 135,981 shares in the last quarter. Millennium Management LLC bought a new stake in shares of Summit Therapeutics during the second quarter valued at approximately $15,154,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Summit Therapeutics by 53.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock valued at $31,376,000 after purchasing an additional 497,984 shares in the last quarter. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Trading Up 1.5 %

Shares of NASDAQ SMMT opened at $19.28 on Friday. The company has a fifty day moving average price of $19.28 and a 200 day moving average price of $15.69. The firm has a market cap of $14.22 billion, a PE ratio of -68.85 and a beta of -0.92. Summit Therapeutics Inc. has a 1-year low of $2.10 and a 1-year high of $33.89.

Analyst Ratings Changes

SMMT has been the topic of several research reports. Wells Fargo & Company initiated coverage on Summit Therapeutics in a report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective on the stock. Citigroup cut 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. Stifel Nicolaus boosted their price objective on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Jefferies Financial Group started coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 target price on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a research note on Monday, November 18th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $33.33.

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.