BlackRock Inc. Invests $138.84 Million in Summit Therapeutics PLC $SMMT

Key Points

• BlackRock bought 9.53 million shares of Summit Therapeutics in the second quarter, valued at approximately $138.84 million and representing about 1.19% of the company. Institutional investors collectively own 4.61% of the stock.
• Analyst sentiment remains mixed, with ratings ranging from Strong Buy to Sell and an overall consensus rating of Hold. The average price target is $24.07, though several analysts recently lowered or raised individual targets.
• SMMT opened at $13.73, down 4.2%, and recently reported a quarterly loss of $0.28 per share, slightly worse than estimates. Insider buying has been substantial, totaling 7.87 million shares worth about $103.6 million over the past 90 days.

BlackRock Inc. bought a new stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 9,529,041 shares of the company's stock, valued at approximately $138,838,000. BlackRock Inc. owned approximately 1.19% of Summit Therapeutics as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in SMMT. Kestra Advisory Services LLC purchased a new position in shares of Summit Therapeutics during the 4th quarter worth approximately $28,000. Ball & Co Wealth Management Inc. purchased a new position in shares of Summit Therapeutics in the 1st quarter valued at approximately $28,000. T. Rowe Price Investment Management Inc. boosted its position in shares of Summit Therapeutics by 2,654.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company's stock valued at $33,000 after purchasing an additional 1,805 shares in the last quarter. Parallel Advisors LLC bought a new position in Summit Therapeutics in the third quarter worth $39,000. Finally, Truvestments Capital LLC lifted its position in Summit Therapeutics by 200.2% during the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company's stock valued at $46,000 after buying an additional 1,736 shares during the period. Institutional investors own 4.61% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on SMMT shares. Summit Redstone set a $11.90 price target on shares of Summit Therapeutics in a research note on Tuesday. Stifel Nicolaus cut their price objective on shares of Summit Therapeutics from $45.00 to $38.00 and set a "buy" rating on the stock in a report on Friday, July 24th. HC Wainwright restated a "neutral" rating on shares of Summit Therapeutics in a report on Wednesday. Leerink Partners raised shares of Summit Therapeutics from an "underperform" rating to a "market perform" rating and raised their target price for the company from $12.00 to $13.00 in a research note on Wednesday, August 12th. Finally, Sanford C. Bernstein upgraded shares of Summit Therapeutics from an "underperform" rating to a "market perform" rating and lifted their target price for the company from $9.80 to $11.90 in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $24.07.

Summit Therapeutics Stock Down 4.2%

SMMT opened at $13.73 on Friday. The stock has a market capitalization of $10.95 billion, a price-to-earnings ratio of -12.26 and a beta of -1.23. The firm has a 50 day moving average price of $14.12 and a 200-day moving average price of $16.15. Summit Therapeutics PLC has a twelve month low of $12.07 and a twelve month 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) EPS for the quarter, missing analysts' consensus estimates of ($0.27) by ($0.01). As a group, analysts expect that Summit Therapeutics PLC will post -1.2 earnings per share for the current year.

Insider Buying and Selling at Summit Therapeutics

In other news, CEO Mahkam Zanganeh bought 3,810,000 shares of the company's stock in a transaction on Friday, June 12th. The shares were acquired at an average cost 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 of the company's stock, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Manmeet Singh Soni purchased 50,000 shares of Summit Therapeutics stock in a transaction dated Thursday, June 4th. The shares were acquired at an average cost of $14.45 per share, with a total value of $722,500.00. Following the transaction, the chief financial officer directly owned 3,123,603 shares in the company, valued at approximately $45,136,063.35. The trade was a 1.63% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have bought 7,870,000 shares of company stock valued at $103,616,900. 83.50% of the stock is owned by company insiders.

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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