Hsbc Holdings PLC Invests $1.78 Million in Summit Therapeutics PLC $SMMT

Key Points

• HSBC acquired 120,560 Summit Therapeutics shares during the second quarter, worth approximately $1.78 million. Institutional investors and hedge funds collectively own 4.61% of SMMT.
• Analyst sentiment is mixed: Summit has an average “Hold” rating and a $24.07 price target, with ratings ranging from “Strong Buy” to “Sell.”
• SMMT opened at $13.73, well below its 52-week high of $29.23. The company missed its latest quarterly EPS estimate, while insiders purchased 7.87 million shares worth about $103.6 million over the past three months.

Hsbc Holdings PLC acquired a new position in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 120,560 shares of the company's stock, valued at approximately $1,784,000.

Other large investors have also bought and sold shares of the company. AQR Capital Management LLC raised its stake in Summit Therapeutics by 5.0% during the first quarter. AQR Capital Management LLC now owns 65,623 shares of the company's stock worth $1,266,000 after acquiring an additional 3,134 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Summit Therapeutics by 1.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock valued at $1,273,000 after purchasing an additional 694 shares in the last quarter. Creative Planning boosted its stake in shares of Summit Therapeutics by 6.7% in the 2nd quarter. Creative Planning now owns 21,390 shares of the company's stock valued at $455,000 after purchasing an additional 1,336 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Summit Therapeutics by 33.8% in the 2nd quarter. Legal & General Group Plc now owns 26,367 shares of the company's stock valued at $561,000 after purchasing an additional 6,662 shares in the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Summit Therapeutics during the 2nd quarter valued at approximately $132,000. 4.61% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on SMMT shares. KeyCorp restated an "overweight" rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Wall Street Zen downgraded shares of Summit Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, July 18th. Jefferies Financial Group set a $15.00 price target on Summit Therapeutics in a research note on Friday, July 24th. Leerink Partners upgraded Summit Therapeutics from an "underperform" rating to a "market perform" rating and boosted their price objective for the stock from $12.00 to $13.00 in a research report on Wednesday, August 12th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Summit Therapeutics in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Summit Therapeutics has an average rating of "Hold" and an average price target of $24.07.

Summit Therapeutics Price Performance

SMMT opened at $13.73 on Monday. Summit Therapeutics PLC has a fifty-two week low of $12.07 and a fifty-two week high of $29.23. The firm has a market capitalization of $10.95 billion, a price-to-earnings ratio of -12.26 and a beta of -1.23. The company's 50 day moving average price is $14.12 and its two-hundred day moving average price is $16.16.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). As a group, equities research analysts predict that Summit Therapeutics PLC will post -1.2 EPS for the current year.

Insider Buying and Selling

In related news, CEO Robert W. Duggan bought 3,810,000 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was acquired at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the transaction, the chief executive officer directly owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mahkam Zanganeh bought 3,810,000 shares of the business's stock in a transaction on Friday, June 12th. The shares were bought at an average cost of $13.12 per share, for a total transaction of $49,987,200.00. Following the completion of the acquisition, the chief executive officer directly owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 7,870,000 shares of company stock valued at $103,616,900 in the last three months. Insiders own 83.50% of the company's stock.

Summit Therapeutics Company 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.

Want to see what other hedge funds are holding SMMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Summit Therapeutics PLC (NASDAQ:SMMT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source