Cutter Capital Management LP Takes Position in Summit Therapeutics PLC $SMMT

Key Points

• Cutter Capital Management LP has invested approximately $7.72 million in Summit Therapeutics PLC by acquiring 400,000 shares during the first quarter, representing about 3.4% of its investment portfolio.
• Summit Therapeutics recently saw varied ratings from analysts, with a consensus rating of "Moderate Buy" and a price target averaging $33.31, amidst reports of significant earnings misses.
• The stock of Summit Therapeutics has a market capitalization of $17.47 billion and has recently traded between a 12-month low of $11.76 and a high of $36.91.

Cutter Capital Management LP purchased a new stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 400,000 shares of the company's stock, valued at approximately $7,716,000. Summit Therapeutics comprises approximately 3.4% of Cutter Capital Management LP's portfolio, making the stock its 15th biggest holding. Cutter Capital Management LP owned approximately 0.05% of Summit Therapeutics as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bosun Asset Management LLC lifted its position in Summit Therapeutics by 60.3% in the first quarter. Bosun Asset Management LLC now owns 24,593 shares of the company's stock valued at $474,000 after buying an additional 9,249 shares during the last quarter. AQR Capital Management LLC lifted its position in Summit Therapeutics by 5.0% in the first 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. Advisors Asset Management Inc. lifted its position in Summit Therapeutics by 81.7% in the first quarter. Advisors Asset Management Inc. now owns 11,167 shares of the company's stock valued at $215,000 after buying an additional 5,021 shares during the last quarter. Adage Capital Partners GP L.L.C. acquired a new position in Summit Therapeutics in the first quarter valued at about $10,378,000. Finally, Vident Advisory LLC acquired a new position in Summit Therapeutics in the first quarter valued at about $794,000. Institutional investors and hedge funds own 4.61% of the company's stock.

Wall Street Analyst Weigh In

SMMT has been the topic of a number of recent analyst reports. Leerink Partnrs raised shares of Summit Therapeutics to a "strong sell" rating in a research report on Wednesday, June 11th. Leerink Partners initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, June 11th. They issued an "underperform" rating and a $12.00 target price on the stock. Piper Sandler started coverage on shares of Summit Therapeutics in a research report on Monday, August 18th. They issued a "neutral" rating and a $21.00 target price on the stock. Zacks Research lowered shares of Summit Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 14th. Finally, Summit Redstone set a $21.00 price target on shares of Summit Therapeutics in a research note on Tuesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $33.79.

Summit Therapeutics Price Performance

Shares of SMMT stock traded up $2.18 during trading hours on Friday, reaching $25.98. 3,401,699 shares of the stock were exchanged, compared to its average volume of 3,066,105. The business's fifty day moving average is $25.85 and its two-hundred day moving average is $23.21. Summit Therapeutics PLC has a 12-month low of $11.88 and a 12-month high of $36.91. The firm has a market capitalization of $19.30 billion, a P/E ratio of -25.72 and a beta of -1.02.

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

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.