Kingsview Wealth Management LLC Invests $894,000 in Summit Therapeutics PLC (NASDAQ:SMMT)

Kingsview Wealth Management LLC purchased a new stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 46,337 shares of the company's stock, valued at approximately $894,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Golden State Wealth Management LLC grew its holdings in shares of Summit Therapeutics by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after purchasing an additional 751 shares during the last quarter. National Bank of Canada FI acquired a new position in Summit Therapeutics during the 4th quarter worth about $30,000. CWM LLC grew its holdings in Summit Therapeutics by 3,455.3% during the 1st quarter. CWM LLC now owns 1,671 shares of the company's stock worth $32,000 after acquiring an additional 1,624 shares during the last quarter. Fifth Third Bancorp increased its position in Summit Therapeutics by 1,400.0% in the 1st quarter. Fifth Third Bancorp now owns 3,000 shares of the company's stock valued at $58,000 after acquiring an additional 2,800 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its stake in shares of Summit Therapeutics by 11.4% in the first quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company's stock worth $122,000 after acquiring an additional 647 shares during the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on SMMT shares. Wall Street Zen raised shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Sunday, June 29th. UBS Group initiated coverage on Summit Therapeutics in a research report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price objective on the stock. Leerink Partnrs upgraded Summit Therapeutics to a "strong sell" rating in a research report on Wednesday, June 11th. JMP Securities reaffirmed a "market outperform" rating and set a $40.00 price target on shares of Summit Therapeutics in a research note on Monday, June 2nd. Finally, The Goldman Sachs Group lifted their price objective on Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Summit Therapeutics has an average rating of "Moderate Buy" and an average target price of $34.67.

Summit Therapeutics Stock Down 1.6%

Summit Therapeutics stock traded down $0.44 during midday trading on Thursday, hitting $27.57. 1,790,832 shares of the stock were exchanged, compared to its average volume of 3,845,683. The stock has a market capitalization of $20.48 billion, a PE ratio of -81.09 and a beta of -1.01. The company has a fifty day simple moving average of $23.07 and a two-hundred day simple moving average of $21.95. Summit Therapeutics PLC has a 52 week low of $8.88 and a 52 week high of $36.91.

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

About Summit Therapeutics

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.