Florida Financial Advisors LLC Purchases New Position in Summit Therapeutics PLC (NASDAQ:SMMT)

Florida Financial Advisors LLC purchased a new position in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 12,945 shares of the company's stock, valued at approximately $252,000.

Other hedge funds also recently modified their holdings of the company. CWM LLC raised its holdings in Summit Therapeutics by 3,455.3% during the 1st quarter. CWM LLC now owns 1,671 shares of the company's stock valued at $32,000 after acquiring an additional 1,624 shares during the period. Cerity Partners LLC raised its holdings in Summit Therapeutics by 0.4% during the 1st quarter. Cerity Partners LLC now owns 113,654 shares of the company's stock valued at $2,192,000 after acquiring an additional 440 shares during the period. U.S. Capital Wealth Advisors LLC bought a new stake in Summit Therapeutics during the 1st quarter valued at $232,000. Bank of New York Mellon Corp raised its holdings in Summit Therapeutics by 2.2% during the 1st quarter. Bank of New York Mellon Corp now owns 340,775 shares of the company's stock valued at $6,574,000 after acquiring an additional 7,265 shares during the period. Finally, GF Fund Management CO. LTD. raised its holdings in Summit Therapeutics by 15.4% during the 1st quarter. GF Fund Management CO. LTD. now owns 19,514 shares of the company's stock valued at $376,000 after acquiring an additional 2,609 shares during the period. Institutional investors own 4.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SMMT shares. Leerink Partners started coverage on shares of Summit Therapeutics in a report on Wednesday, June 11th. They set an "underperform" rating and a $12.00 target price on the stock. Summit Redstone set a $35.00 price target on shares of Summit Therapeutics in a research report on Wednesday, March 26th. TD Cowen upgraded shares of Summit Therapeutics to a "strong-buy" rating in a report on Thursday, May 8th. UBS Group initiated coverage on shares of Summit Therapeutics in a report on Tuesday, July 1st. They set a "buy" rating and a $30.00 target price for the company. Finally, JMP Securities reiterated a "market outperform" rating and set a $40.00 target price on shares of Summit Therapeutics in a report on Monday, June 2nd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Summit Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $34.67.

Summit Therapeutics Stock Down 3.8%

Shares of NASDAQ SMMT traded down $1.06 on Friday, reaching $26.57. 1,780,891 shares of the company's stock traded hands, compared to its average volume of 3,745,288. Summit Therapeutics PLC has a 12 month low of $8.71 and a 12 month high of $36.91. The business's 50 day simple moving average is $22.77 and its two-hundred day simple moving average is $21.64. The company has a market cap of $19.73 billion, a price-to-earnings ratio of -78.72 and a beta of -1.01.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, beating analysts' consensus estimates of ($0.10) by $0.01. Analysts forecast that Summit Therapeutics PLC will post -0.3 earnings per share for the current fiscal year.

Summit Therapeutics Profile

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.