Bank of New York Mellon Corp Takes $6.28 Million Position in Summit Therapeutics PLC $SMMT

Key Points

• Bank of New York Mellon opened a $6.28 million position in Summit Therapeutics, purchasing 431,299 shares and acquiring approximately 0.05% of the company. Institutional investors collectively own 4.61% of SMMT.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $24.07. Recent actions included a price-target increase by Leerink Partners to $13 and reiterated overweight ratings from Cantor Fitzgerald and KeyCorp.
• Summit insiders hold a significant 83.50% stake; two CEOs each purchased 3.81 million shares at $13.12 per share. The stock opened at $17.60, while the company’s latest quarterly loss of $0.28 per share narrowly missed estimates.

Bank of New York Mellon Corp purchased a new position in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 431,299 shares of the company's stock, valued at approximately $6,284,000. Bank of New York Mellon Corp owned approximately 0.05% of Summit Therapeutics at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in SMMT. Ball & Co Wealth Management Inc. bought a new stake in Summit Therapeutics during the first quarter worth approximately $28,000. Kestra Advisory Services LLC bought a new position in shares of Summit Therapeutics in the fourth quarter valued at $28,000. Parallel Advisors LLC acquired a new stake in shares of Summit Therapeutics during the 3rd quarter valued at $39,000. T. Rowe Price Investment Management Inc. lifted its position in shares of Summit Therapeutics by 2,654.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company's stock valued at $33,000 after acquiring an additional 1,805 shares during the last quarter. Finally, Truvestments Capital LLC boosted its stake in shares of Summit Therapeutics by 200.2% during the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company's stock worth $46,000 after acquiring an additional 1,736 shares in the last quarter. Institutional investors own 4.61% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. HC Wainwright restated a "neutral" rating on shares of Summit Therapeutics in a report on Thursday. Leerink Partners raised shares of Summit Therapeutics from an "underperform" rating to a "market perform" rating and increased their price target for the stock from $12.00 to $13.00 in a research report on Wednesday, August 12th. Jefferies Financial Group set a $15.00 price target on shares of Summit Therapeutics in a report on Friday, July 24th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a research report on Tuesday. Finally, KeyCorp reiterated an "overweight" rating on shares of Summit Therapeutics in a report on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $24.07.

Insider Buying and Selling at Summit Therapeutics

In other news, CEO Mahkam Zanganeh bought 3,810,000 shares of Summit Therapeutics stock in a transaction dated Friday, June 12th. The shares were bought at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the purchase, 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 ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert W. Duggan bought 3,810,000 shares of the stock in a transaction dated Friday, June 12th. The stock was purchased at an average cost 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 in the company, valued at $7,529,356,492.48. The trade was a 0.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 83.50% of the company's stock.

Summit Therapeutics Stock Performance

NASDAQ:SMMT opened at $17.60 on Friday. The company has a 50-day moving average of $14.24 and a 200-day moving average of $16.17. The company has a market capitalization of $14.04 billion, a price-to-earnings ratio of -15.71 and a beta of -1.24. Summit Therapeutics PLC has a 52 week low of $12.07 and a 52 week high of $29.23.

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

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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