IvyRock Asset Management HK Ltd Sells 74,759 Shares of Summit Therapeutics PLC (NASDAQ:SMMT)

Key Points

• IvyRock Asset Management HK Ltd reduced its stake in Summit Therapeutics by 44.9%, selling 74,759 shares and now holds 91,741 shares valued at approximately $1.77 million.
• Several hedge funds increased their holdings in Summit Therapeutics, with Dimensional Fund Advisors LP growing its stake by 358.9% during the 4th quarter, now owning 205,337 shares valued at $3.66 million.
• Analysts have set a consensus price target of $34.67 for Summit Therapeutics, with multiple firms reiterating buy ratings and targets ranging from $30 to $44.

IvyRock Asset Management HK Ltd reduced its holdings in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 44.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,741 shares of the company's stock after selling 74,759 shares during the period. Summit Therapeutics makes up 0.8% of IvyRock Asset Management HK Ltd's holdings, making the stock its 7th largest position. IvyRock Asset Management HK Ltd's holdings in Summit Therapeutics were worth $1,770,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in SMMT. Wells Fargo & Company MN grew its stake in Summit Therapeutics by 79.2% during the 4th quarter. Wells Fargo & Company MN now owns 95,265 shares of the company's stock valued at $1,700,000 after purchasing an additional 42,090 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Summit Therapeutics by 358.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company's stock valued at $3,664,000 after purchasing an additional 160,592 shares during the last quarter. Bank of America Corp DE grew its stake in Summit Therapeutics by 10.5% during the 4th quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock valued at $7,701,000 after purchasing an additional 40,908 shares during the last quarter. Vanguard Group Inc. grew its stake in Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock valued at $208,261,000 after purchasing an additional 724,040 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in Summit Therapeutics during the 4th quarter valued at about $8,801,000. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock opened at $27.57 on Friday. The business has a 50 day simple moving average of $23.07 and a two-hundred day simple moving average of $21.95. Summit Therapeutics PLC has a 12 month low of $8.88 and a 12 month high of $36.91. The stock has a market capitalization of $20.48 billion, a P/E ratio of -81.09 and a beta of -1.01.

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

Analysts Set New Price Targets

Several analysts have weighed in on SMMT shares. JMP Securities reiterated a "market outperform" rating and set a $40.00 price target on shares of Summit Therapeutics in a research note on Monday, June 2nd. HC Wainwright restated a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a research note on Tuesday, July 1st. The Goldman Sachs Group upped their target price on Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. UBS Group started coverage on Summit Therapeutics in a research note on Tuesday, July 1st. They issued a "buy" rating and a $30.00 target price on the stock. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $34.67.

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.

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