Fulcrum Asset Management LLP Buys New Stake in Summit Therapeutics PLC $SMMT

Fulcrum Asset Management LLP bought a new stake in Summit Therapeutics PLC (NASDAQ:SMMT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 55,315 shares of the company’s stock, valued at approximately $907,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hohimer Wealth Management LLC boosted its position in shares of Summit Therapeutics by 30.2% during the third quarter. Hohimer Wealth Management LLC now owns 441,650 shares of the company’s stock worth $7,468,000 after buying an additional 102,550 shares during the period. Brighton Jones LLC purchased a new stake in shares of Summit Therapeutics in the 3rd quarter valued at $207,000. Candriam S.C.A. raised its holdings in shares of Summit Therapeutics by 212.3% in the 3rd quarter. Candriam S.C.A. now owns 1,662,969 shares of the company’s stock valued at $28,224,000 after buying an additional 1,130,537 shares during the period. Parallel Advisors LLC raised its holdings in shares of Summit Therapeutics by 2,234.1% in the 3rd quarter. Parallel Advisors LLC now owns 3,011 shares of the company’s stock valued at $51,000 after buying an additional 2,882 shares during the period. Finally, Chicago Partners Investment Group LLC acquired a new position in Summit Therapeutics during the 3rd quarter worth about $214,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Trading Down 9.4%

Summit Therapeutics stock opened at $15.07 on Friday. Summit Therapeutics PLC has a 52-week low of $12.07 and a 52-week high of $29.23. The company’s 50 day moving average is $16.47 and its two-hundred day moving average is $16.15.

Analysts Set New Price Targets

A number of equities analysts recently commented on SMMT shares. Stifel Nicolaus lowered their target price on Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating for the company in a report on Friday, July 24th. 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 report on Wednesday, August 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Thursday, October 15th. Jefferies Financial Group reiterated a “buy” rating on shares of Summit Therapeutics in a research note on Monday, October 26th. Finally, Wall Street Zen raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $28.61.

Summit Therapeutics Profile

Summit Therapeutics is a clinical-stage biopharmaceutical company focused on developing medicines for cancer. Its lead candidate is ivonescimab, a bispecific antibody designed to target both PD-1 and VEGF, two pathways involved in tumor growth and the immune response. The company is evaluating the treatment in clinical trials for multiple types of cancer. Summit licensed rights to develop and commercialize ivonescimab from China-based Akeso in 2022. Summit’s licensed territory covers markets outside China, including the United States, Canada, Europe and Japan.