Simplify Asset Management Inc. Makes New Investment in Summit Therapeutics PLC $SMMT

Simplify Asset Management Inc. acquired a new position in shares of Summit Therapeutics PLC (NASDAQ:SMMT) in the third quarter, HoldingsChannel reports. The fund acquired 510,106 shares of the company’s stock, valued at approximately $8,626,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SMMT. BlackRock Inc. acquired a new position in Summit Therapeutics in the second quarter valued at about $138,838,000. Bank of America Corp DE acquired a new position in shares of Summit Therapeutics during the 2nd quarter worth about $12,603,000. Elmind Capital LP acquired a new position in shares of Summit Therapeutics during the 2nd quarter worth about $7,194,957. Bank of New York Mellon Corp bought a new stake in shares of Summit Therapeutics in the 2nd quarter valued at about $6,284,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Summit Therapeutics in the 2nd quarter valued at about $4,342,000. Institutional investors own 4.61% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on SMMT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Thursday, October 15th. Guggenheim restated a “buy” rating on shares of Summit Therapeutics in a report on Wednesday, August 26th. Sanford C. Bernstein restated a “market perform” rating on shares of Summit Therapeutics in a report on Monday, October 5th. Citigroup reaffirmed a “market outperform” rating on shares of Summit Therapeutics in a research note on Tuesday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research note on Tuesday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $28.61.

Summit Therapeutics Trading Up 2.9%

SMMT stock opened at $15.77 on Thursday. The business’s 50-day moving average price is $15.92 and its two-hundred day moving average price is $16.21. The firm has a market cap 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.

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.