Adage Capital Partners GP L.L.C. Buys New Shares in Summit Therapeutics PLC $SMMT

Key Points

• Adage Capital Partners GP L.L.C. acquired 538,000 shares of Summit Therapeutics PLC ($SMMT) in the first quarter, valued at approximately $10.4 million, representing about 0.07% of the company.
• Summit Therapeutics reported a loss of ($0.76) earnings per share, significantly missing the analysts' consensus estimate of ($0.10) during its last quarterly earnings.
• The stock has a current price of $25.98, with a market cap of $19.30 billion, and its one-year performance shows a high of $36.91 and a low of $11.88.

Adage Capital Partners GP L.L.C. purchased a new position in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 538,000 shares of the company's stock, valued at approximately $10,378,000. Adage Capital Partners GP L.L.C. owned approximately 0.07% of Summit Therapeutics at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Northern Trust Corp lifted its stake in Summit Therapeutics by 1.6% in the 4th quarter. Northern Trust Corp now owns 871,402 shares of the company's stock valued at $15,550,000 after purchasing an additional 14,075 shares during the last quarter. Siren L.L.C. bought a new position in shares of Summit Therapeutics in the 1st quarter valued at $13,407,000. BNP Paribas Financial Markets bought a new position in shares of Summit Therapeutics in the 4th quarter valued at $8,801,000. Deutsche Bank AG lifted its stake in shares of Summit Therapeutics by 20.4% in the 4th quarter. Deutsche Bank AG now owns 478,808 shares of the company's stock valued at $8,547,000 after acquiring an additional 81,130 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Summit Therapeutics by 10.5% in the 4th quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock valued at $7,701,000 after acquiring an additional 40,908 shares during the last quarter. Institutional investors own 4.61% of the company's stock.

Summit Therapeutics Stock Performance

Shares of NASDAQ:SMMT traded down $1.23 during trading on Wednesday, reaching $17.60. The stock had a trading volume of 12,588,165 shares, compared to its average volume of 3,726,160. The firm's fifty day moving average is $25.77 and its 200 day moving average is $23.16. Summit Therapeutics PLC has a 52 week low of $15.55 and a 52 week high of $36.91. The stock has a market cap of $13.07 billion, a price-to-earnings ratio of -17.43 and a beta of -1.02.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.76) earnings per share for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.66). On average, research analysts forecast that Summit Therapeutics PLC will post -0.3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SMMT shares. JMP Securities reiterated a "market outperform" rating and issued a $40.00 price target on shares of Summit Therapeutics in a research note on Wednesday, September 3rd. Piper Sandler started coverage on Summit Therapeutics in a research note on Monday, August 18th. They issued a "neutral" rating and a $21.00 price target for the company. HC Wainwright reiterated a "buy" rating and issued a $50.00 price target on shares of Summit Therapeutics in a research note on Monday. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a report on Monday. Finally, Leerink Partnrs upgraded shares of Summit Therapeutics to a "strong sell" rating in a research report on Wednesday, June 11th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $33.79.

Summit Therapeutics Company 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.