Dimensional Fund Advisors LP Sells 288,067 Shares of Summit Therapeutics PLC $SMMT

Key Points

• Dimensional Fund Advisors cut its Summit Therapeutics stake by 76.5% in the first quarter, selling 288,067 shares and retaining 88,496 shares valued at approximately $1.67 million.
• Summit insiders showed strong buying activity, acquiring 7.87 million shares worth about $103.6 million over the past three months. Insiders own 83.5% of the company, while institutional investors hold 4.61%.
• SMMT shares opened at $14.00 after declining 7.3%; the company missed quarterly EPS estimates, and analysts maintain a consensus “Hold” rating with a $24.25 target price.

Dimensional Fund Advisors LP decreased its holdings in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 76.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 88,496 shares of the company's stock after selling 288,067 shares during the quarter. Dimensional Fund Advisors LP's holdings in Summit Therapeutics were worth $1,667,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Parallel Advisors LLC increased its position in Summit Therapeutics by 4,178.0% during the 1st quarter. Parallel Advisors LLC now owns 2,139 shares of the company's stock valued at $41,000 after purchasing an additional 2,089 shares during the period. Bank of New York Mellon Corp raised its holdings in Summit Therapeutics by 14.4% in the 1st quarter. Bank of New York Mellon Corp now owns 404,679 shares of the company's stock worth $7,673,000 after purchasing an additional 50,923 shares in the last quarter. Illinois Municipal Retirement Fund lifted its position in shares of Summit Therapeutics by 12.6% in the 1st quarter. Illinois Municipal Retirement Fund now owns 111,894 shares of the company's stock worth $2,122,000 after purchasing an additional 12,527 shares during the period. Fifth Third Bancorp lifted its position in shares of Summit Therapeutics by 24.4% in the 1st quarter. Fifth Third Bancorp now owns 3,732 shares of the company's stock worth $71,000 after purchasing an additional 732 shares during the period. Finally, Ball & Co Wealth Management Inc. bought a new stake in shares of Summit Therapeutics during the 1st quarter valued at about $28,000. Institutional investors own 4.61% of the company's stock.

Insider Activity at Summit Therapeutics

In other Summit Therapeutics news, CEO Mahkam Zanganeh acquired 3,810,000 shares of the company's stock in a transaction that occurred on Friday, June 12th. The shares were acquired at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the purchase, 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 position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Manmeet Singh Soni acquired 50,000 shares of the business's stock in a transaction on Thursday, June 4th. The stock was acquired at an average price of $14.45 per share, for a total transaction of $722,500.00. Following the acquisition, the chief financial officer owned 3,123,603 shares of the company's stock, valued at approximately $45,136,063.35. This trade represents a 1.63% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 7,870,000 shares of company stock valued at $103,616,900 in the last three months. Company insiders own 83.50% of the company's stock.

Summit Therapeutics Trading Down 7.3%

Shares of Summit Therapeutics stock opened at $14.00 on Friday. The firm has a market capitalization of $11.17 billion, a P/E ratio of -12.50 and a beta of -1.23. The business has a fifty day simple moving average of $14.26 and a two-hundred day simple moving average of $16.30. Summit Therapeutics PLC has a 12 month low of $12.25 and a 12 month high of $30.05.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced 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). Analysts predict that Summit Therapeutics PLC will post -1.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SMMT. Jefferies Financial Group set a $15.00 price target on shares of Summit Therapeutics in a research report on Friday, July 24th. Piper Sandler lowered their price objective on shares of Summit Therapeutics from $17.00 to $16.00 and set a "neutral" rating for the company in a report on Friday, May 1st. Leerink Partners upgraded shares of Summit Therapeutics from an "underperform" rating to a "market perform" rating and raised their price objective for the stock from $12.00 to $13.00 in a report on Wednesday. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Summit Therapeutics in a research report on Friday, July 24th. Finally, Stifel Nicolaus reduced their target price on Summit Therapeutics from $45.00 to $38.00 and set a "buy" rating on the stock in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $24.25.

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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