119,655 Shares in Summit Therapeutics PLC $SMMT Bought by Y Intercept Hong Kong Ltd

Key Points

• Y Intercept Hong Kong Ltd opened a new position in Summit Therapeutics, buying 119,655 shares in the first quarter worth about $2.27 million.
• Several other institutions also increased or initiated positions, while insiders remain heavily invested; the article says 83.5% of shares are owned by corporate insiders.
• Summit Therapeutics’ stock was trading at $15.69, and analysts currently view the name as a Hold overall with an average price target of $26.97.

Y Intercept Hong Kong Ltd purchased a new position in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 119,655 shares of the company's stock, valued at approximately $2,269,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. AQR Capital Management LLC boosted its position in shares of Summit Therapeutics by 5.0% during the 1st quarter. AQR Capital Management LLC now owns 65,623 shares of the company's stock worth $1,266,000 after purchasing an additional 3,134 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Summit Therapeutics by 1.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock valued at $1,273,000 after buying an additional 694 shares in the last quarter. Creative Planning increased its position in Summit Therapeutics by 6.7% in the 2nd quarter. Creative Planning now owns 21,390 shares of the company's stock valued at $455,000 after buying an additional 1,336 shares in the last quarter. Legal & General Group Plc increased its position in Summit Therapeutics by 33.8% in the 2nd quarter. Legal & General Group Plc now owns 26,367 shares of the company's stock valued at $561,000 after buying an additional 6,662 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in Summit Therapeutics during the 2nd quarter worth approximately $132,000. 4.61% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Mahkam Zanganeh bought 3,810,000 shares of the business's stock in a transaction that occurred on Friday, June 12th. The shares were bought at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the transaction, the chief executive officer directly owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. This represents a 0.67% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert W. Duggan purchased 3,810,000 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The shares were bought at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the acquisition, the chief executive officer directly owned 573,883,879 shares of the company's stock, valued at $7,529,356,492.48. This represents a 0.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 7,870,000 shares of company stock worth $103,616,900 over the last 90 days. 83.50% of the stock is currently owned by corporate insiders.

Summit Therapeutics Stock Performance

Shares of NASDAQ SMMT opened at $15.69 on Thursday. The stock has a market cap of $12.18 billion, a price-to-earnings ratio of -9.81 and a beta of -1.26. Summit Therapeutics PLC has a fifty-two week low of $12.55 and a fifty-two week high of $30.98. The firm's 50-day simple moving average is $16.03 and its 200 day simple moving average is $16.95.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings data on Friday, May 1st. The company reported ($0.24) EPS for the quarter, topping analysts' consensus estimates of ($0.27) by $0.03. On average, sell-side analysts predict that Summit Therapeutics PLC will post -1.18 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. KeyCorp reiterated an "overweight" rating on shares of Summit Therapeutics in a report on Monday, June 1st. Citigroup initiated coverage on Summit Therapeutics in a report on Wednesday, April 8th. They set a "buy" rating for the company. Jefferies Financial Group lowered Summit Therapeutics from a "buy" rating to a "hold" rating and lowered their target price for the stock from $42.00 to $15.00 in a research report on Monday, March 16th. Wall Street Zen raised shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, July 4th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Summit Therapeutics in a research note on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $26.97.

About Summit Therapeutics

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit's lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.

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