Lisanti Capital Growth LLC Makes New Investment in Summit Therapeutics PLC (NASDAQ:SMMT)

Lisanti Capital Growth LLC purchased a new stake in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 53,850 shares of the company's stock, valued at approximately $1,039,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SMMT. Rhumbline Advisers increased its holdings in shares of Summit Therapeutics by 4.5% in the fourth quarter. Rhumbline Advisers now owns 125,202 shares of the company's stock valued at $2,234,000 after purchasing an additional 5,394 shares during the last quarter. Principal Financial Group Inc. grew its position in Summit Therapeutics by 252.8% in the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company's stock worth $3,661,000 after acquiring an additional 147,003 shares during the period. New York State Common Retirement Fund grew its position in Summit Therapeutics by 18.6% in the fourth quarter. New York State Common Retirement Fund now owns 29,377 shares of the company's stock worth $524,000 after acquiring an additional 4,600 shares during the period. Bank of New York Mellon Corp grew its position in Summit Therapeutics by 33.7% in the fourth quarter. Bank of New York Mellon Corp now owns 333,510 shares of the company's stock worth $5,951,000 after acquiring an additional 84,117 shares during the period. Finally, New York Life Investment Management LLC purchased a new position in Summit Therapeutics in the fourth quarter worth approximately $201,000. Institutional investors and hedge funds own 4.61% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on SMMT. Citigroup upgraded Summit Therapeutics from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $23.00 to $35.00 in a research report on Wednesday, March 26th. TD Cowen upgraded Summit Therapeutics to a "strong-buy" rating in a research report on Thursday, May 8th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. The Goldman Sachs Group raised their price target on Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Finally, Leerink Partners started coverage on Summit Therapeutics in a research report on Wednesday, June 11th. They set an "underperform" rating and a $12.00 price target for the company. Two research analysts have rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Summit Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $35.09.

Summit Therapeutics Trading Down 3.4%

NASDAQ:SMMT traded down $0.72 during midday trading on Friday, reaching $20.60. The company had a trading volume of 14,074,854 shares, compared to its average volume of 3,668,091. The firm has a market capitalization of $15.30 billion, a price-to-earnings ratio of -60.59 and a beta of -1.06. The stock's fifty day simple moving average is $23.39 and its 200-day simple moving average is $21.08. Summit Therapeutics PLC has a 12-month low of $6.78 and a 12-month high of $36.91.

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

Summit Therapeutics 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.