Engineers Gate Manager LP Makes New Investment in Summit Therapeutics PLC $SMMT

Key Points

• Engineers Gate Manager LP acquired 67,871 shares of Summit Therapeutics valued at approximately $989,000 in the second quarter. Other institutions also increased or initiated positions, though hedge funds and institutional investors collectively own only 4.61% of the company.
• Analyst sentiment is mixed, with one Strong Buy, seven Buy, eight Hold, and one Sell rating. Summit has a consensus rating of Hold and an average price target of $25.91.
• SMMT opened at $17.85, near its 50-day moving average of $14.71, while the company reported a quarterly loss of $0.28 per share, slightly worse than the expected $0.27 loss.

Engineers Gate Manager LP acquired a new stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 67,871 shares of the company's stock, valued at approximately $989,000.

Several other hedge funds have also bought and sold shares of the stock. Nykredit A S bought a new position in shares of Summit Therapeutics in the 2nd quarter valued at about $111,000. AXQ Capital LP lifted its position in shares of Summit Therapeutics by 98.1% during the second quarter. AXQ Capital LP now owns 93,624 shares of the company's stock worth $1,364,000 after purchasing an additional 46,356 shares during the last quarter. Two Sigma Securities LLC purchased a new position in Summit Therapeutics in the 2nd quarter worth about $182,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Summit Therapeutics by 13.4% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 90,338 shares of the company's stock valued at $1,316,000 after buying an additional 10,642 shares in the last quarter. Finally, Hsbc Holdings PLC bought a new stake in Summit Therapeutics during the 2nd quarter valued at about $1,784,000. Hedge funds and other institutional investors own 4.61% of the company's stock.

Analysts Set New Price Targets

SMMT has been the subject of a number of research reports. Jefferies Financial Group set a $15.00 price target on Summit Therapeutics in a report on Friday, July 24th. Wall Street Zen raised shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, September 5th. HC Wainwright restated a "neutral" rating on shares of Summit Therapeutics in a research note on Thursday, September 3rd. UBS Group reaffirmed a "buy" rating and set a $33.00 target price on shares of Summit Therapeutics in a report on Tuesday, September 8th. Finally, Stifel Nicolaus dropped their price objective on shares of Summit Therapeutics from $45.00 to $38.00 and set a "buy" rating on the stock in a research note on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Summit Therapeutics presently has a consensus rating of "Hold" and a consensus target price of $25.91.

Summit Therapeutics Trading Up 0.7%

SMMT opened at $17.85 on Friday. Summit Therapeutics PLC has a twelve month low of $12.07 and a twelve month high of $29.23. The firm has a market capitalization of $14.24 billion, a PE ratio of -15.94 and a beta of -1.24. The firm's 50-day moving average price is $14.71 and its 200 day moving average price is $16.29.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data 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 predict 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 biopharmaceutical company focused on developing innovative medicines for the treatment of cancer. The company's lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition against PD-1 with selective inhibition of vascular endothelial growth factor A (VEGF-A). Summit is evaluating ivonescimab in clinical studies involving patients with non-small cell lung cancer and other solid tumors.

Summit has entered into a licensing and collaboration agreement with Akeso, a biotechnology company that discovered and developed ivonescimab.

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