Aberdeen Group plc Sells 89,615 Shares of Summit Therapeutics PLC $SMMT

Key Points

• Aberdeen Group plc decreased its stake in Summit Therapeutics PLC by 6.9%, selling 89,615 shares and holding 1,200,810 shares worth approximately $23.16 million by the end of the first quarter.
• Price T Rowe Associates increased its position by 20.6% during the fourth quarter, now owning over 6.5 million shares valued at about $117 million.
• Summit Therapeutics reported an earnings per share of ($0.76), significantly missing analysts' expectations, and predictions indicate a further loss of -0.3 EPS for the current fiscal year.

Aberdeen Group plc decreased its position in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 6.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,200,810 shares of the company's stock after selling 89,615 shares during the quarter. Aberdeen Group plc owned 0.16% of Summit Therapeutics worth $23,164,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Golden State Wealth Management LLC increased its position in Summit Therapeutics by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after purchasing an additional 751 shares during the last quarter. CWM LLC boosted its holdings in Summit Therapeutics by 3,455.3% in the 1st quarter. CWM LLC now owns 1,671 shares of the company's stock valued at $32,000 after purchasing an additional 1,624 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Summit Therapeutics by 1,400.0% during the 1st quarter. Fifth Third Bancorp now owns 3,000 shares of the company's stock worth $58,000 after acquiring an additional 2,800 shares in the last quarter. Exchange Traded Concepts LLC raised its position in shares of Summit Therapeutics by 11.4% during the 1st quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company's stock worth $122,000 after purchasing an additional 647 shares during the last quarter. Finally, Summit Investment Advisors Inc. grew its stake in Summit Therapeutics by 12.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 9,621 shares of the company's stock worth $172,000 after acquiring an additional 1,044 shares during the period. Institutional investors and hedge funds own 4.61% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on SMMT shares. Jefferies Financial Group set a $44.00 target price on shares of Summit Therapeutics and gave the stock a "buy" rating in a research report on Friday, April 25th. Evercore ISI raised their target price on shares of Summit Therapeutics from $30.00 to $34.00 and gave the company an "outperform" rating in a research note on Tuesday, August 12th. Summit Redstone set a $21.00 price objective on shares of Summit Therapeutics in a research note on Tuesday. UBS Group started coverage on Summit Therapeutics in a report on Tuesday, July 1st. They set a "buy" rating and a $30.00 price objective on the stock. Finally, The Goldman Sachs Group increased their price objective on Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $32.85.

Summit Therapeutics Price Performance

Shares of NASDAQ:SMMT traded up $0.5040 during trading on Friday, reaching $26.5140. The stock had a trading volume of 1,560,214 shares, compared to its average volume of 3,608,863. The business's 50-day moving average price is $24.89 and its 200 day moving average price is $22.88. The stock has a market capitalization of $19.70 billion, a PE ratio of -26.24 and a beta of -1.06. Summit Therapeutics PLC has a 52 week low of $11.76 and a 52 week high of $36.91.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its 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). Analysts forecast that Summit Therapeutics PLC will post -0.3 EPS for the current year.

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.