Principal Financial Group Inc. Has $1.27 Million Stake in Summit Therapeutics Inc. (NASDAQ:SMMT)

Principal Financial Group Inc. grew its position in Summit Therapeutics Inc. (NASDAQ:SMMT) by 60.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 58,147 shares of the company’s stock after purchasing an additional 22,014 shares during the period. Principal Financial Group Inc.’s holdings in Summit Therapeutics were worth $1,273,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Darwin Wealth Management LLC acquired a new position in Summit Therapeutics during the 3rd quarter worth approximately $25,000. Covestor Ltd lifted its position in shares of Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after purchasing an additional 1,190 shares in the last quarter. Fred Alger Management LLC acquired a new position in Summit Therapeutics during the third quarter worth $105,000. Willis Investment Counsel bought a new position in Summit Therapeutics in the third quarter valued at $219,000. Finally, Aigen Investment Management LP acquired a new stake in Summit Therapeutics in the 3rd quarter valued at $306,000. 4.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SMMT. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $19.00 to $23.00 in a research note on Friday, September 27th. HC Wainwright restated a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a research note on Monday, November 18th. Jefferies Financial Group started coverage on Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 price objective on the stock. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 target price for the company. Finally, 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 target on the stock. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $33.33.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock opened at $18.24 on Friday. The business has a fifty day simple moving average of $18.99 and a two-hundred day simple moving average of $16.10. Summit Therapeutics Inc. has a 1 year low of $2.10 and a 1 year high of $33.89. The company has a market capitalization of $13.45 billion, a price-to-earnings ratio of -65.14 and a beta of -0.87.

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.