ADAR1 Capital Management LLC Buys New Shares in Summit Therapeutics PLC $SMMT

Key Points

• ADAR1 Capital Management acquired 191,869 shares of Summit Therapeutics in the second quarter, valued at approximately $2.8 million.
• Summit shares opened at $13.36, near the lower end of their 12-month range, while the company reported a quarterly loss of $0.28 per share—slightly below analyst expectations.
• Analyst sentiment is mixed, with an average “Hold” rating and a $24.07 price target; insiders have also purchased 7.87 million shares worth roughly $103.6 million over the past 90 days.

ADAR1 Capital Management LLC acquired a new position in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 191,869 shares of the company's stock, valued at approximately $2,796,000.

Other institutional investors also recently modified their holdings of the company. Baker BROS. Advisors LP raised its holdings in shares of Summit Therapeutics by 7.9% in the 4th quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company's stock worth $636,480,000 after acquiring an additional 2,668,089 shares during the last quarter. BlackRock Inc. acquired a new position in Summit Therapeutics during the 2nd quarter valued at about $138,838,000. Price T Rowe Associates Inc. MD increased its holdings in Summit Therapeutics by 106.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company's stock worth $163,907,000 after purchasing an additional 4,832,592 shares in the last quarter. State Street Corp raised its stake in shares of Summit Therapeutics by 4.3% in the fourth quarter. State Street Corp now owns 6,636,361 shares of the company's stock worth $116,070,000 after purchasing an additional 274,425 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Summit Therapeutics by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,147,480 shares of the company's stock valued at $55,063,000 after purchasing an additional 14,745 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company's stock.

Summit Therapeutics Trading Up 4.9%

Shares of NASDAQ SMMT opened at $13.36 on Wednesday. The business has a 50-day moving average of $14.11 and a 200-day moving average of $16.17. The firm has a market capitalization of $10.66 billion, a price-to-earnings ratio of -11.93 and a beta of -1.23. Summit Therapeutics PLC has a 12 month low of $12.07 and a 12 month high of $30.05.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of ($0.27) by ($0.01). On average, analysts predict that Summit Therapeutics PLC will post -1.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SMMT. Weiss Ratings restated a "sell (d-)" rating on shares of Summit Therapeutics in a research note on Friday, July 17th. Guggenheim lowered their price objective on shares of Summit Therapeutics from $40.00 to $38.00 and set a "buy" rating on the stock in a research report on Friday, July 24th. KeyCorp reissued an "overweight" rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Jefferies Financial Group set a $15.00 price target on shares of Summit Therapeutics in a report on Friday, July 24th. Finally, Piper Sandler decreased their target price on Summit Therapeutics from $17.00 to $16.00 and set a "neutral" rating for the company in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $24.07.

Insider Activity at Summit Therapeutics

In other Summit Therapeutics news, CEO Robert W. Duggan purchased 3,810,000 shares of the stock in a transaction on Friday, June 12th. The stock was acquired at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the purchase, the chief executive officer directly owned 573,883,879 shares of the company's stock, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Mahkam Zanganeh acquired 3,810,000 shares of the firm's stock in a transaction dated Friday, June 12th. The stock was bought at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the acquisition, the chief executive officer owned 573,883,879 shares of the company's stock, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have acquired 7,870,000 shares of company stock valued at $103,616,900. Insiders own 83.50% of the company's stock.

Summit Therapeutics Company Profile

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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