Hsbc Holdings PLC Buys New Shares in Summit Therapeutics PLC $SMMT

Key Points

• HSBC Holdings PLC opened a new position in Summit Therapeutics during the fourth quarter, buying 98,766 shares valued at about $1.72 million.
• Institutional ownership appears to remain active, with several other funds increasing stakes; overall, institutions own 4.61% of Summit Therapeutics shares.
• Summit Therapeutics reported a smaller-than-expected loss in its latest quarterly results, and the stock has also seen notable insider buying, including large purchases by the CFO and CEO.

Hsbc Holdings PLC bought a new position in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 98,766 shares of the company's stock, valued at approximately $1,723,000.

Other hedge funds have also added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Summit Therapeutics by 1.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock valued at $1,273,000 after buying an additional 694 shares during the last quarter. Sei Investments Co. lifted its stake in shares of Summit Therapeutics by 3.3% in the 3rd quarter. Sei Investments Co. now owns 27,163 shares of the company's stock valued at $561,000 after acquiring an additional 860 shares during the last quarter. Levin Capital Strategies L.P. boosted its holdings in Summit Therapeutics by 2.7% during the 4th quarter. Levin Capital Strategies L.P. now owns 37,676 shares of the company's stock valued at $659,000 after acquiring an additional 1,000 shares during the period. State of Wisconsin Investment Board boosted its holdings in Summit Therapeutics by 1.1% during the 4th quarter. State of Wisconsin Investment Board now owns 92,882 shares of the company's stock valued at $1,625,000 after acquiring an additional 1,047 shares during the period. Finally, Cerity Partners LLC boosted its holdings in Summit Therapeutics by 1.0% during the 2nd quarter. Cerity Partners LLC now owns 114,844 shares of the company's stock valued at $2,444,000 after acquiring an additional 1,190 shares during the period. 4.61% of the stock is owned by institutional investors.

Summit Therapeutics Trading Up 1.7%

Shares of Summit Therapeutics stock opened at $14.57 on Wednesday. Summit Therapeutics PLC has a 12-month low of $12.55 and a 12-month high of $30.98. The company has a market cap of $11.31 billion, a P/E ratio of -9.11 and a beta of -1.32. The company's fifty day simple moving average is $17.02 and its two-hundred day simple moving average is $17.03.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its earnings results on Friday, May 1st. The company reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.03. Analysts predict that Summit Therapeutics PLC will post -1.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Weiss Ratings restated a "sell (d-)" rating on shares of Summit Therapeutics in a report on Tuesday, April 21st. Piper Sandler lowered their price target 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. Zacks Research raised shares of Summit Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Thursday, March 5th. Wall Street Zen lowered shares of Summit Therapeutics from a "hold" rating to a "sell" rating in a report on Monday, May 18th. Finally, KeyCorp restated an "overweight" rating on shares of Summit Therapeutics in a research report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $26.97.

Insider Transactions at Summit Therapeutics

In other Summit Therapeutics news, CFO Manmeet Singh Soni bought 50,000 shares of the company's stock in a transaction dated Thursday, June 4th. The shares were purchased 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 in the company, valued at approximately $45,136,063.35. This represents a 1.63% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Mahkam Zanganeh purchased 3,810,000 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The stock was 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 owned 573,883,879 shares in the company, valued at $7,529,356,492.48. This represents a 0.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders bought 7,870,000 shares of company stock valued at $103,616,900. Corporate insiders own 83.50% of the company's stock.

Summit Therapeutics Profile

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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