Charles Schwab Investment Management Inc. Reduces Holdings in Summit Therapeutics PLC $SMMT

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Summit Therapeutics PLC by 1.6%, selling 24,355 shares, leaving it with approximately 1.46 million shares valued at $28.18 million.
• Multiple investors recently increased their holdings in Summit Therapeutics, with Golden State Wealth Management LLC and CWM LLC raising their stakes by 100% and 3,455.3%, respectively, during the same period.
• Analysts maintain a positive outlook on Summit Therapeutics, with a consensus rating of "Moderate Buy" and an average price target of $32.85, despite the company reporting a loss of $0.76 per share in its latest earnings.

Charles Schwab Investment Management Inc. decreased its stake in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 1.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,460,717 shares of the company's stock after selling 24,355 shares during the period. Charles Schwab Investment Management Inc. owned 0.20% of Summit Therapeutics worth $28,177,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Cerity Partners LLC boosted its holdings in shares of Summit Therapeutics by 0.4% in the 1st quarter. Cerity Partners LLC now owns 113,654 shares of the company's stock valued at $2,192,000 after buying an additional 440 shares in the last quarter. Exchange Traded Concepts LLC boosted its holdings in shares of Summit Therapeutics by 11.4% in the 1st quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company's stock valued at $122,000 after buying an additional 647 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings in shares of Summit Therapeutics by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock valued at $29,000 after buying an additional 751 shares in the last quarter. Summit Investment Advisors Inc. boosted its holdings in shares of Summit Therapeutics by 12.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 9,621 shares of the company's stock valued at $172,000 after buying an additional 1,044 shares in the last quarter. Finally, ProShare Advisors LLC boosted its holdings in shares of Summit Therapeutics by 2.5% in the 4th quarter. ProShare Advisors LLC now owns 60,830 shares of the company's stock valued at $1,086,000 after buying an additional 1,474 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company's stock.

Summit Therapeutics Stock Performance

NASDAQ:SMMT traded up $0.07 during mid-day trading on Monday, hitting $26.27. 2,045,514 shares of the company's stock traded hands, compared to its average volume of 2,832,093. The firm's 50 day simple moving average is $25.14 and its 200 day simple moving average is $22.99. Summit Therapeutics PLC has a 1 year low of $11.76 and a 1 year high of $36.91. The company has a market cap of $19.51 billion, a PE ratio of -26.01 and a beta of -1.06.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.66). On average, research analysts expect that Summit Therapeutics PLC will post -0.3 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on SMMT. Leerink Partnrs upgraded shares of Summit Therapeutics to a "strong sell" rating in a report on Wednesday, June 11th. HC Wainwright restated a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Friday, August 15th. JMP Securities reiterated a "market outperform" rating and set a $40.00 price target on shares of Summit Therapeutics in a research note on Tuesday, August 19th. Piper Sandler started coverage on shares of Summit Therapeutics in a research note on Monday, August 18th. They set a "neutral" rating and a $21.00 price target for the company. Finally, TD Cowen upgraded shares of Summit Therapeutics to a "strong-buy" rating in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $32.85.

About Summit Therapeutics

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company's lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.