102,550 Summit Therapeutics PLC $SMMT Shares Purchased by Hohimer Wealth Management LLC

Key Points

• Hohimer Wealth Management increased its Summit Therapeutics stake by 30.2% in the third quarter, adding 102,550 shares to hold 441,650 shares valued at about $7.5 million.
• Other institutional investors also built or initiated positions, including Candriam, which increased its holdings by 212.3%; hedge funds and other institutions collectively own 4.61% of the stock.
• Analyst sentiment is moderately positive: MarketBeat reports a consensus “Moderate Buy” rating and a $28.61 average price target. SMMT opened at $16.33, within a 12-month range of $12.07 to $29.23.

Hohimer Wealth Management LLC lifted its stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 30.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 441,650 shares of the company's stock after buying an additional 102,550 shares during the period. Hohimer Wealth Management LLC owned about 0.06% of Summit Therapeutics worth $7,468,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of SMMT. BlackRock Inc. purchased a new stake in shares of Summit Therapeutics during the 2nd quarter valued at $138,838,000. Candriam S.C.A. increased its holdings in Summit Therapeutics by 212.3% during the third quarter. Candriam S.C.A. now owns 1,662,969 shares of the company's stock worth $28,224,000 after buying an additional 1,130,537 shares during the last quarter. Bank of America Corp DE purchased a new stake in Summit Therapeutics during the second quarter worth about $12,603,000. The Manufacturers Life Insurance Company increased its holdings in Summit Therapeutics by 34.4% during the first quarter. The Manufacturers Life Insurance Company now owns 592,810 shares of the company's stock worth $11,240,000 after buying an additional 151,857 shares during the last quarter. Finally, Simplify Asset Management Inc. bought a new stake in Summit Therapeutics in the third quarter worth about $8,626,000. Hedge funds and other institutional investors own 4.61% of the company's stock.

Summit Therapeutics Stock Performance

Shares of SMMT opened at $16.33 on Monday. The company has a market cap of $13.06 billion, a PE ratio of -15.26 and a beta of -1.49. The stock has a 50-day moving average price of $16.25 and a 200-day moving average price of $16.15. Summit Therapeutics PLC has a 12-month low of $12.07 and a 12-month high of $29.23.

Key Stories Impacting Summit Therapeutics

Here are the key news stories impacting Summit Therapeutics this week:

• Positive Sentiment: HC Wainwright maintained its Buy rating and raised its earnings estimates across several periods, forecasting narrower losses for FY2026 (a loss of $1.04 per share versus $1.06 previously) and FY2027 (a loss of $0.98 versus $1.05). Its quarterly estimates were also generally revised toward smaller losses. These are forecasts, not reported results. Summit Therapeutics analyst estimate report
• Positive Sentiment: A separate report grouped Summit among healthcare stocks analysts are bullish on, reinforcing the favorable analyst tone. Analysts Are Bullish on These Healthcare Stocks
• Neutral Sentiment: Another article notes SMMT moved above its 200-day moving average, a potentially constructive technical signal, but its headline raises the question of selling and provides no clear investment recommendation. Summit Therapeutics stock breaks above 200-day moving average

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on SMMT shares. HC Wainwright restated a "buy" rating on shares of Summit Therapeutics in a research note on Thursday, October 15th. Stifel Nicolaus dropped their price objective on Summit Therapeutics from $45.00 to $38.00 and set a "buy" rating on the stock in a research note on Friday, July 24th. Morgan Stanley downgraded Summit Therapeutics to an "outperform" rating in a research note on Tuesday, September 29th. Summit Redstone set a $25.00 price objective on Summit Therapeutics in a report on Wednesday, September 9th. Finally, Wall Street Zen raised Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus 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.

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