Lord Abbett & CO. LLC acquired a new position in shares of 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. The firm acquired 155,514 shares of the company's stock, valued at approximately $3,000,000.
Other large investors also recently modified their holdings of the company. Golden State Wealth Management LLC lifted its holdings in shares of Summit Therapeutics by 100.0% in the 1st 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 in the last quarter. CWM LLC lifted its holdings in shares of Summit Therapeutics by 3,455.3% in the 1st quarter. CWM LLC now owns 1,671 shares of the company's stock worth $32,000 after purchasing an additional 1,624 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Summit Therapeutics by 1,400.0% in the 1st quarter. Fifth Third Bancorp now owns 3,000 shares of the company's stock worth $58,000 after purchasing an additional 2,800 shares in the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of Summit Therapeutics by 11.4% in the 1st quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company's stock worth $122,000 after purchasing an additional 647 shares in the last quarter. Finally, Summit Investment Advisors Inc. lifted its holdings in shares of Summit Therapeutics by 12.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 9,621 shares of the company's stock worth $172,000 after purchasing an additional 1,044 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
SMMT has been the topic of a number of recent research reports. TD Cowen upgraded Summit Therapeutics to a "strong-buy" rating in a report on Thursday, May 8th. UBS Group began coverage on Summit Therapeutics in a report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 target price on the stock. JMP Securities restated a "market outperform" rating and set a $40.00 price objective on shares of Summit Therapeutics in a research note on Tuesday. Leerink Partnrs upgraded Summit Therapeutics to a "strong sell" rating in a research note on Wednesday, June 11th. Finally, Jefferies Financial Group set a $44.00 price objective on Summit Therapeutics and gave the company a "buy" rating in a research note on Friday, April 25th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $32.85.
View Our Latest Stock Analysis on SMMT
Summit Therapeutics Price Performance
Shares of NASDAQ SMMT traded up $0.5550 during mid-day trading on Friday, reaching $26.5650. 700,911 shares of the company's stock were exchanged, compared to its average volume of 3,603,430. The firm has a market capitalization of $19.73 billion, a price-to-earnings ratio of -26.28 and a beta of -1.06. Summit Therapeutics PLC has a 52 week low of $11.76 and a 52 week high of $36.91. The firm has a 50-day moving average price of $24.89 and a two-hundred day moving average price of $22.88.
Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its earnings results on Monday, August 11th. The company reported ($0.76) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.66). As a group, sell-side analysts forecast that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal year.
About Summit Therapeutics
(
Free Report)
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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