GAMMA Investing LLC Increases Holdings in Summit Therapeutics PLC (NASDAQ:SMMT)

GAMMA Investing LLC grew its holdings in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 2,629.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,914 shares of the company's stock after acquiring an additional 15,331 shares during the period. GAMMA Investing LLC's holdings in Summit Therapeutics were worth $307,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Wells Fargo & Company MN lifted its holdings in Summit Therapeutics by 79.2% in the 4th quarter. Wells Fargo & Company MN now owns 95,265 shares of the company's stock worth $1,700,000 after purchasing an additional 42,090 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Summit Therapeutics by 252.8% during the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company's stock valued at $3,661,000 after buying an additional 147,003 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Summit Therapeutics by 358.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company's stock valued at $3,664,000 after buying an additional 160,592 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Summit Therapeutics by 10.5% in the fourth quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock worth $7,701,000 after buying an additional 40,908 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Summit Therapeutics by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock worth $208,261,000 after acquiring an additional 724,040 shares during the last quarter. Institutional investors own 4.61% of the company's stock.

Analysts Set New Price Targets

SMMT has been the topic of a number of research reports. Leerink Partnrs upgraded shares of Summit Therapeutics to a "strong sell" rating in a report on Wednesday, June 11th. JMP Securities restated a "market outperform" rating and set a $40.00 price objective on shares of Summit Therapeutics in a research report on Monday, June 2nd. Leerink Partners began coverage on Summit Therapeutics in a research report on Wednesday, June 11th. They issued an "underperform" rating and a $12.00 target price on the stock. Jefferies Financial Group set a $44.00 price target on Summit Therapeutics and gave the company a "buy" rating in a research note on Friday, April 25th. Finally, Citigroup raised Summit Therapeutics from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $23.00 to $35.00 in a report on Wednesday, March 26th. Three analysts have rated the stock with a sell rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $35.09.

Summit Therapeutics Price Performance

Shares of SMMT traded up $0.53 during midday trading on Tuesday, hitting $20.92. The stock had a trading volume of 3,574,160 shares, compared to its average volume of 3,623,168. Summit Therapeutics PLC has a 1 year low of $6.78 and a 1 year high of $36.91. The stock's 50 day moving average is $23.65 and its 200 day moving average is $21.03. The firm has a market cap of $15.54 billion, a PE ratio of -61.53 and a beta of -1.06.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. As a group, equities research analysts expect that Summit Therapeutics PLC will post -0.3 earnings per share for the current fiscal year.

Summit Therapeutics Company 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.