Assenagon Asset Management S.A. Invests $1.04 Million in Summit Therapeutics PLC $SMMT

Key Points

• Assenagon Asset Management bought 59,621 shares of Summit Therapeutics in Q4—about $1.04 million—joining other hedge funds (Tudor, Woodline, Dark Forest) amid roughly 4.61% institutional ownership.
• SMMT stock jumped about 11.7% to open at $18.96; the company posted an earnings miss (EPS -$0.29 vs. -$0.22 expected) and analysts are mixed, with an average price target of $29.83.

Assenagon Asset Management S.A. purchased a new stake in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 59,621 shares of the company's stock, valued at approximately $1,043,000.

Other hedge funds have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC increased its stake in shares of Summit Therapeutics by 27.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 20,875 shares of the company's stock worth $390,000 after purchasing an additional 4,464 shares during the period. Tudor Investment Corp ET AL bought a new stake in shares of Summit Therapeutics in the third quarter valued at about $7,174,000. Woodline Partners LP boosted its position in shares of Summit Therapeutics by 17.9% in the third quarter. Woodline Partners LP now owns 214,507 shares of the company's stock valued at $4,432,000 after acquiring an additional 32,495 shares during the period. Dark Forest Capital Management LP acquired a new position in shares of Summit Therapeutics in the third quarter valued at about $2,318,000. Finally, Mariner LLC increased its holdings in shares of Summit Therapeutics by 576.5% during the third quarter. Mariner LLC now owns 79,572 shares of the company's stock worth $1,644,000 after purchasing an additional 67,810 shares during the period. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Trading Up 11.7%

SMMT stock opened at $18.96 on Wednesday. The firm has a 50-day moving average price of $15.77 and a 200-day moving average price of $17.68. Summit Therapeutics PLC has a 12 month low of $13.83 and a 12 month high of $36.91. The stock has a market capitalization of $14.70 billion, a P/E ratio of -13.08 and a beta of -1.43.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings results on Monday, February 23rd. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.07). As a group, equities analysts predict that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal year.

Analysts Set New Price Targets

SMMT has been the subject of several recent research reports. Piper Sandler set a $40.00 price target on Summit Therapeutics in a research note on Wednesday, January 14th. Jefferies Financial Group downgraded Summit Therapeutics from a "buy" rating to a "hold" rating and cut their target price for the company from $42.00 to $15.00 in a research report on Monday, March 16th. Truist Financial upgraded Summit Therapeutics to a "strong-buy" rating in a research report on Wednesday, March 25th. Summit Redstone set a $18.00 price target on Summit Therapeutics in a research note on Wednesday, December 17th. Finally, Barclays raised shares of Summit Therapeutics from an "underweight" rating to an "equal weight" rating and upped their price objective for the stock from $16.00 to $18.00 in a research report on Wednesday, December 17th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $29.83.

Summit Therapeutics 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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