Beacon Pointe Advisors LLC Purchases Shares of 98,114 Summit Therapeutics PLC $SMMT

Key Points

• Beacon Pointe Advisors purchased 98,114 shares of Summit Therapeutics during the second quarter, worth approximately $1.43 million. Institutional investors and hedge funds collectively own 4.61% of the company.
• Insiders acquired 7.87 million shares worth about $103.6 million over the past 90 days, and corporate insiders own 83.5% of Summit’s stock.
• Analyst sentiment is mixed, with the stock carrying an average “Hold” rating and a $24.07 target price. Shares opened at $13.73, while the company recently reported a quarterly loss of $0.28 per share, slightly below estimates.

Beacon Pointe Advisors LLC purchased a new stake in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 98,114 shares of the company's stock, valued at approximately $1,430,000.

Several other institutional investors and hedge funds also recently modified their holdings of SMMT. AQR Capital Management LLC raised its position in Summit Therapeutics by 5.0% in the 1st quarter. AQR Capital Management LLC now owns 65,623 shares of the company's stock valued at $1,266,000 after buying an additional 3,134 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Summit Therapeutics by 1.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock valued at $1,273,000 after purchasing an additional 694 shares in the last quarter. Creative Planning grew its position in Summit Therapeutics by 6.7% in the second quarter. Creative Planning now owns 21,390 shares of the company's stock valued at $455,000 after purchasing an additional 1,336 shares in the last quarter. Legal & General Group Plc increased its stake in Summit Therapeutics by 33.8% in the 2nd quarter. Legal & General Group Plc now owns 26,367 shares of the company's stock valued at $561,000 after buying an additional 6,662 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Summit Therapeutics in the 2nd quarter valued at $132,000. 4.61% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SMMT has been the subject of several analyst reports. HC Wainwright restated a "neutral" rating on shares of Summit Therapeutics in a report on Wednesday, August 26th. 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 research report on Wednesday, August 12th. Weiss Ratings restated a "sell (d-)" rating on shares of Summit Therapeutics in a research note on Friday, July 17th. Cantor Fitzgerald restated an "overweight" rating on shares of Summit Therapeutics in a research note on Friday, July 24th. Finally, Wall Street Zen cut Summit Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, July 18th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $24.07.

Insider Activity

In related news, CEO Mahkam Zanganeh acquired 3,810,000 shares of the company's stock in a transaction on Friday, June 12th. The stock was purchased at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the acquisition, the chief executive officer directly owned 573,883,879 shares of the company's stock, valued at approximately $7,529,356,492.48. The trade was a 0.67% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert W. Duggan bought 3,810,000 shares of the business's stock in a transaction dated Friday, June 12th. The shares were bought at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the transaction, the chief executive officer owned 573,883,879 shares in the company, 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. Over the last ninety days, insiders acquired 7,870,000 shares of company stock worth $103,616,900. Corporate insiders own 83.50% of the company's stock.

Summit Therapeutics Price Performance

Shares of NASDAQ SMMT opened at $13.73 on Monday. The firm has a market cap of $10.95 billion, a price-to-earnings ratio of -12.26 and a beta of -1.23. The stock's fifty day moving average price is $14.12 and its two-hundred day moving average price is $16.16. 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 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). On average, equities analysts anticipate that Summit Therapeutics PLC will post -1.2 earnings per share for the current fiscal year.

About Summit Therapeutics

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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