Bank of America Corp DE Makes New Investment in Summit Therapeutics PLC $SMMT

Key Points

• Bank of America acquired 864,983 Summit Therapeutics shares in the second quarter, valued at approximately $12.6 million and representing about 0.11% of the company.
• Summit’s stock opened at $15.61, with a market capitalization of $12.45 billion, after trading between $12.07 and $29.23 over the past year. The company reported quarterly EPS of negative $0.28, slightly below analyst expectations.
• Analyst sentiment is mixed, with a consensus rating of “Hold” and an average price target of $25.91. Summit is developing ivonescimab, an investigational cancer treatment being tested in non-small cell lung cancer and other solid tumors.

Bank of America Corp DE purchased a new stake in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 864,983 shares of the company's stock, valued at approximately $12,603,000. Bank of America Corp DE owned approximately 0.11% of Summit Therapeutics at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Ball & Co Wealth Management Inc. purchased a new stake in shares of Summit Therapeutics during the 1st quarter valued at about $28,000. Parallel Advisors LLC grew its position in Summit Therapeutics by 4,178.0% in the first quarter. Parallel Advisors LLC now owns 2,139 shares of the company's stock valued at $41,000 after acquiring an additional 2,089 shares in the last quarter. Fifth Third Bancorp grew its position in Summit Therapeutics by 24.4% in the first quarter. Fifth Third Bancorp now owns 3,732 shares of the company's stock valued at $71,000 after acquiring an additional 732 shares in the last quarter. Osterweis Capital Management Inc. purchased a new stake in shares of Summit Therapeutics during the second quarter valued at approximately $73,000. Finally, Havemeyer Place LP purchased a new stake in shares of Summit Therapeutics during the fourth quarter valued at approximately $109,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Stock Performance

SMMT opened at $15.61 on Friday. The company has a market capitalization of $12.45 billion, a PE ratio of -13.94 and a beta of -1.24. The stock's fifty day moving average is $14.89 and its 200-day moving average is $16.33. Summit Therapeutics PLC has a one year low of $12.07 and a one year high of $29.23.

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 the consensus estimate of ($0.27) by ($0.01). On average, equities research analysts forecast that Summit Therapeutics PLC will post -1.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SMMT has been the topic of a number of recent analyst reports. KeyCorp reiterated an "overweight" rating on shares of Summit Therapeutics in a report on Monday, June 1st. Jefferies Financial Group set a $15.00 target price on Summit Therapeutics in a research note on Friday, July 24th. HC Wainwright reaffirmed a "neutral" rating on shares of Summit Therapeutics in a research report on Wednesday. Leerink Partners raised Summit Therapeutics from an "underperform" rating to a "market perform" rating and increased their price target for the company from $12.00 to $13.00 in a report on Wednesday, August 12th. Finally, Summit Redstone set a $25.00 price target on Summit Therapeutics in a report on Wednesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $25.91.

Summit Therapeutics Profile

Summit Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for the treatment of cancer. The company's lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition against PD-1 with selective inhibition of vascular endothelial growth factor A (VEGF-A). Summit is evaluating ivonescimab in clinical studies involving patients with non-small cell lung cancer and other solid tumors.

Summit has entered into a licensing and collaboration agreement with Akeso, a biotechnology company that discovered and developed ivonescimab.

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