Simplify Asset Management Inc. Buys New Position in Summit Therapeutics PLC $SMMT

Key Points

• Simplify Asset Management purchased 510,106 shares of Summit Therapeutics, valued at approximately $8.6 million, during the third quarter. Several other institutional investors also initiated or increased positions, though institutions collectively own just 4.61% of the stock.
• Analyst sentiment is generally positive but mixed, with Summit receiving a consensus “Moderate Buy” rating and an average price target of $28.61. Recent recommendations ranged from “Strong Buy” and “Buy” to “Sell.”
• Summit shares opened at $15.77, with a market capitalization of $12.61 billion and a one-year trading range of $12.07 to $29.23. The biopharmaceutical company is advancing ivonescimab, its lead cancer therapy candidate, in clinical studies for non-small cell lung cancer.

Simplify Asset Management Inc. purchased a new position in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 510,106 shares of the company's stock, valued at approximately $8,626,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SMMT. Oppenheimer & Co. Inc. bought a new stake in shares of Summit Therapeutics during the third quarter worth $257,000. Kingswood Wealth Advisors LLC acquired a new stake in shares of Summit Therapeutics in the third quarter valued at $482,000. Citizens Financial Group Inc. RI acquired a new stake in shares of Summit Therapeutics in the third quarter valued at approximately $188,000. Evergreen Capital Management LLC acquired a new stake in shares of Summit Therapeutics in the third quarter valued at approximately $229,000. Finally, Inspire Investing LLC increased its holdings in shares of Summit Therapeutics by 9.9% in the third quarter. Inspire Investing LLC now owns 40,228 shares of the company's stock valued at $680,000 after purchasing an additional 3,619 shares in the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Barclays upped their price objective on Summit Therapeutics from $18.00 to $20.00 and gave the stock an "equal weight" rating in a report on Thursday, October 1st. Morgan Stanley lowered Summit Therapeutics to an "outperform" rating in a research report on Tuesday, September 29th. Jefferies Financial Group reissued a "buy" rating on shares of Summit Therapeutics in a research note on Monday. Leerink Partners raised Summit Therapeutics from an "underperform" rating to a "market perform" rating and lifted their target price for the company from $12.00 to $13.00 in a research note on Wednesday, August 12th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Summit Therapeutics in a research report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $28.61.

Summit Therapeutics Trading Up 2.9%

Shares of NASDAQ SMMT opened at $15.77 on Thursday. The firm has a market capitalization of $12.61 billion, a PE ratio of -14.08 and a beta of -1.51. Summit Therapeutics PLC has a 1 year low of $12.07 and a 1 year high of $29.23. The firm's 50-day moving average is $15.92 and its 200-day moving average is $16.21.

About Summit Therapeutics

Summit Therapeutics Inc is a biopharmaceutical company focused on developing and commercializing innovative medicines for the treatment of cancer. The company's primary focus is oncology, with an emphasis on therapies designed to improve outcomes for patients with serious diseases.

Summit's lead product candidate is ivonescimab, a bispecific antibody that is designed to combine immune checkpoint inhibition against PD-1 with anti-angiogenic activity targeting VEGF. The company is advancing ivonescimab in clinical studies for non-small cell lung cancer and is evaluating the therapy in combination with other cancer treatments and across additional treatment settings.

Summit holds exclusive rights to develop and commercialize ivonescimab in markets outside China through a licensing and collaboration agreement with Akeso, a China-based biopharmaceutical company.

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