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

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

Several other hedge funds and other institutional investors also recently bought and sold shares of SMMT. Wells Fargo & Company MN raised its stake in shares of Summit Therapeutics by 79.2% during the fourth quarter. Wells Fargo & Company MN now owns 95,265 shares of the company's stock worth $1,700,000 after buying an additional 42,090 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Summit Therapeutics by 358.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company's stock worth $3,664,000 after acquiring an additional 160,592 shares during the period. Bank of America Corp DE increased its holdings in Summit Therapeutics by 10.5% in the 4th quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock valued at $7,701,000 after buying an additional 40,908 shares during the period. Vanguard Group Inc. boosted its stake in shares of Summit Therapeutics by 6.6% in 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 in the last quarter. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Summit Therapeutics in the 4th quarter valued at approximately $8,801,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on SMMT shares. TD Cowen raised shares of Summit Therapeutics to a "strong-buy" rating in a report on Thursday, May 8th. Wall Street Zen upgraded shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Sunday, June 29th. The Goldman Sachs Group increased their price objective on Summit Therapeutics from $37.00 to $41.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. JMP Securities reaffirmed a "market outperform" rating and issued a $40.00 price target on shares of Summit Therapeutics in a research note on Monday, June 2nd. Finally, UBS Group began coverage on Summit Therapeutics in a report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $34.67.

Summit Therapeutics Price Performance

Summit Therapeutics stock traded up $0.14 during mid-day trading on Monday, hitting $26.34. 1,917,454 shares of the company were exchanged, compared to its average volume of 3,755,840. The company has a market capitalization of $19.56 billion, a P/E ratio of -77.47 and a beta of -1.01. Summit Therapeutics PLC has a 12-month low of $8.80 and a 12-month high of $36.91. The business's 50 day simple moving average is $22.82 and its two-hundred day simple moving average is $21.75.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly 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. Equities research analysts predict that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

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.