Hsbc Holdings PLC Purchases Shares of 120,560 Summit Therapeutics PLC $SMMT

Key Points

• HSBC Holdings purchased 120,560 shares of Summit Therapeutics during the second quarter, valued at approximately $1.78 million. Institutional investors collectively own 4.61% of the company.
• Analyst sentiment remains mixed: Summit has a consensus “Hold” rating and an average price target of $25.91, with recent firms upgrading ratings while Stifel lowered its target to $38 from $45.
• Summit shares opened at $17.55, up 3.2%, while the clinical-stage biopharmaceutical company reported a quarterly loss of $0.28 per share, slightly worse than the $0.27 consensus estimate.

Hsbc Holdings PLC purchased a new stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 120,560 shares of the company's stock, valued at approximately $1,784,000.

A number of other hedge funds have also made changes to their positions in SMMT. AQR Capital Management LLC grew its stake in shares of Summit Therapeutics by 5.0% in the first quarter. AQR Capital Management LLC now owns 65,623 shares of the company's stock valued at $1,266,000 after buying an additional 3,134 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in 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 buying an additional 694 shares during the last quarter. Creative Planning grew its stake in shares of Summit Therapeutics by 6.7% during the second quarter. Creative Planning now owns 21,390 shares of the company's stock valued at $455,000 after acquiring an additional 1,336 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of Summit Therapeutics by 33.8% in the second quarter. Legal & General Group Plc now owns 26,367 shares of the company's stock worth $561,000 after acquiring an additional 6,662 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Summit Therapeutics during the 2nd quarter valued at approximately $132,000. Hedge funds and other institutional investors own 4.61% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on SMMT. Wall Street Zen raised shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, September 5th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a research report on Tuesday, September 1st. Sanford C. Bernstein raised shares of Summit Therapeutics from an "underperform" rating to a "market perform" rating and lifted their price target for the company from $9.80 to $11.90 in a report on Tuesday, August 25th. Stifel Nicolaus cut their price target on Summit Therapeutics from $45.00 to $38.00 and set a "buy" rating on the stock in a report on Friday, July 24th. Finally, Leerink Partners raised shares of Summit Therapeutics from an "underperform" rating to a "market perform" rating and boosted their price target for the company from $12.00 to $13.00 in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $25.91.

Summit Therapeutics Stock Up 3.2%

Shares of NASDAQ:SMMT opened at $17.55 on Friday. The company's fifty day moving average is $14.50 and its two-hundred day moving average is $16.23. The company has a market cap of $14.00 billion, a P/E ratio of -15.67 and a beta of -1.24. Summit Therapeutics PLC has a 12-month low of $12.07 and a 12-month high of $29.23.

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

Summit Therapeutics Company Profile

Summit Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for the treatment of cancer. The company's lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition against PD-1 with selective inhibition of vascular endothelial growth factor A (VEGF-A). Summit is evaluating ivonescimab in clinical studies involving patients with non-small cell lung cancer and other solid tumors.

Summit has entered into a licensing and collaboration agreement with Akeso, a biotechnology company that discovered and developed ivonescimab.

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