Summit Therapeutics PLC $SMMT Shares Purchased by Focus Partners Wealth

Key Points

• Focus Partners Wealth has significantly increased its stake in Summit Therapeutics PLC by 145,546.6% during Q1, owning 84,475 shares worth approximately $1.63 million.
• Multiple hedge funds, including Golden State Wealth Management and CWM LLC, have also enhanced their holdings in Summit Therapeutics, with significant percentage increases reported.
• Recent analysts' reports feature a mix of upgrades and downgrades, with Guggenheim giving a "buy" rating and a target price of $40.00, while Wall Street Zen downgraded the stock from "hold" to "sell."

Focus Partners Wealth boosted its position in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 145,546.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 84,475 shares of the company's stock after acquiring an additional 84,417 shares during the quarter. Focus Partners Wealth's holdings in Summit Therapeutics were worth $1,630,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Siren L.L.C. acquired a new stake in shares of Summit Therapeutics during the first quarter valued at about $13,407,000. Adage Capital Partners GP L.L.C. acquired a new position in Summit Therapeutics in the 1st quarter valued at approximately $10,378,000. Bank of America Corp DE increased its position in Summit Therapeutics by 10.5% in the 4th quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock valued at $7,701,000 after acquiring an additional 40,908 shares during the period. Cutter Capital Management LP bought a new stake in shares of Summit Therapeutics in the first quarter worth $7,716,000. Finally, Bank of New York Mellon Corp grew its stake in shares of Summit Therapeutics by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 340,775 shares of the company's stock worth $6,574,000 after purchasing an additional 7,265 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Summit Therapeutics

In related news, CEO Robert W. Duggan acquired 333,394 shares of Summit Therapeutics stock in a transaction that occurred on Wednesday, September 10th. The stock was bought at an average price of $17.68 per share, with a total value of $5,894,405.92. Following the transaction, the chief executive officer directly owned 556,088,090 shares in the company, valued at approximately $9,831,637,431.20. This represents a 0.06% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Mahkam Zanganeh bought 333,394 shares of the firm's stock in a transaction on Wednesday, September 10th. The stock was purchased at an average cost of $17.68 per share, with a total value of $5,894,405.92. Following the completion of the acquisition, the chief executive officer directly owned 556,088,090 shares of the company's stock, valued at approximately $9,831,637,431.20. The trade was a 0.06% increase in their position. The disclosure for this purchase can be found here. Insiders have bought 676,788 shares of company stock valued at $11,969,512 over the last quarter. Company insiders own 84.90% of the company's stock.

Wall Street Analyst Weigh In

SMMT has been the subject of a number of recent analyst reports. Leerink Partners began coverage on shares of Summit Therapeutics in a research report on Wednesday, June 11th. They set an "underperform" rating and a $12.00 target price for the company. Barclays started coverage on Summit Therapeutics in a research report on Wednesday. They issued an "underweight" rating and a $13.00 price objective for the company. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a research report on Monday, September 8th. Piper Sandler started coverage on Summit Therapeutics in a research note on Monday, August 18th. They set a "neutral" rating and a $21.00 target price for the company. Finally, UBS Group began coverage on Summit Therapeutics in a research note on Tuesday, July 1st. They set a "buy" rating and a $30.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $31.87.

Summit Therapeutics Stock Performance

NASDAQ:SMMT traded down $0.34 during trading hours on Friday, reaching $18.89. The company's stock had a trading volume of 9,196,736 shares, compared to its average volume of 5,136,832. The firm has a 50-day simple moving average of $24.89 and a 200-day simple moving average of $23.11. Summit Therapeutics PLC has a 1 year low of $15.55 and a 1 year high of $36.91. The firm has a market capitalization of $14.03 billion, a price-to-earnings ratio of -18.70 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) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.66). Equities analysts anticipate 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.