APEIRON CAPITAL Ltd Takes $25.56 Million Position in Summit Therapeutics PLC $SMMT

Key Points

• APEIRON CAPITAL Ltd has acquired a significant stake in Summit Therapeutics PLC, purchasing approximately $25.56 million worth of shares, which now represent about 44.0% of its portfolio.
• In the second quarter, various institutional investors also increased their holdings in Summit Therapeutics, with notable acquisitions totaling around $9 million from multiple investors.
• Summit Therapeutics recently reported a loss of ($0.76) earnings per share for its latest quarter, significantly missing analysts' expectations, which were set at ($0.10).

APEIRON CAPITAL Ltd purchased a new stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 1,200,941 shares of the company's stock, valued at approximately $25,556,000. Summit Therapeutics comprises approximately 44.0% of APEIRON CAPITAL Ltd's portfolio, making the stock its biggest holding. APEIRON CAPITAL Ltd owned approximately 0.16% of Summit Therapeutics as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Ball & Co Wealth Management Inc. acquired a new position in shares of Summit Therapeutics during the 2nd quarter valued at about $31,000. IFP Advisors Inc boosted its position in shares of Summit Therapeutics by 4,264.0% during the 2nd quarter. IFP Advisors Inc now owns 4,364 shares of the company's stock valued at $93,000 after acquiring an additional 4,264 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Summit Therapeutics by 15.2% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,548 shares of the company's stock valued at $650,000 after acquiring an additional 4,030 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Summit Therapeutics in the second quarter valued at about $772,000. Finally, Rockland Trust Co. acquired a new position in Summit Therapeutics in the second quarter valued at about $8,512,000. Institutional investors and hedge funds own 4.61% of the company's stock.

Summit Therapeutics Price Performance

Shares of NASDAQ:SMMT opened at $21.35 on Friday. The firm has a market capitalization of $15.86 billion, a PE ratio of -21.14 and a beta of -1.13. The firm's 50-day moving average is $23.15 and its two-hundred day moving average is $23.29. Summit Therapeutics PLC has a 1 year low of $15.55 and a 1 year high of $36.91.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released 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 expect that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Robert W. Duggan bought 5,000 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The shares were purchased at an average cost of $18.07 per share, for a total transaction of $90,350.00. Following the completion of the purchase, the chief executive officer owned 556,093,090 shares of the company's stock, valued at approximately $10,048,602,136.30. This represents a 0.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mahkam Zanganeh bought 5,000 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The shares were purchased at an average price of $18.07 per share, for a total transaction of $90,350.00. Following the completion of the purchase, the chief executive officer directly owned 556,093,090 shares of the company's stock, valued at approximately $10,048,602,136.30. This trade represents a 0.00% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 676,788 shares of company stock worth $11,969,512 over the last 90 days. Insiders own 84.90% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Evercore ISI upped their target price on shares of Summit Therapeutics from $30.00 to $34.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. JMP Securities reaffirmed a "market outperform" rating and issued a $40.00 target price on shares of Summit Therapeutics in a research report on Wednesday, September 3rd. Citigroup reaffirmed a "buy" rating on shares of Summit Therapeutics in a research report on Thursday, September 25th. Wall Street Zen cut shares of Summit Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. Finally, UBS Group assumed coverage on shares of Summit Therapeutics in a research report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $31.29.

About Summit Therapeutics

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.

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