Northern Trust Corp Trims Stock Position in Summit Therapeutics PLC $SMMT

Key Points

• Northern Trust Corp reduced its stake in Summit Therapeutics PLC by 3.2%, holding approximately 0.11% of the company, valued at roughly $16.27 million.
• Summit Therapeutics reported a significant loss of $0.76 EPS for the last quarter, missing analysts' expectations by $0.66.
• Analysts have given Summit Therapeutics an overall rating of "Moderate Buy", with an average price target of $33.31.

Northern Trust Corp lessened its stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 3.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 843,650 shares of the company's stock after selling 27,752 shares during the quarter. Northern Trust Corp owned 0.11% of Summit Therapeutics worth $16,274,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of SMMT. Golden State Wealth Management LLC grew its stake in Summit Therapeutics by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock valued at $29,000 after acquiring an additional 751 shares during the period. CWM LLC raised its stake in Summit Therapeutics by 3,455.3% in the first quarter. CWM LLC now owns 1,671 shares of the company's stock valued at $32,000 after buying an additional 1,624 shares during the period. Fifth Third Bancorp grew its position in shares of Summit Therapeutics by 1,400.0% in the first quarter. Fifth Third Bancorp now owns 3,000 shares of the company's stock valued at $58,000 after purchasing an additional 2,800 shares during the last quarter. Exchange Traded Concepts LLC grew its position 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 valued at $122,000 after purchasing an additional 647 shares during the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in Summit Therapeutics during the fourth quarter worth approximately $188,000. Institutional investors own 4.61% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SMMT. Evercore ISI boosted their target price on Summit Therapeutics from $30.00 to $34.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. UBS Group assumed coverage on Summit Therapeutics in a report on Tuesday, July 1st. They set a "buy" rating and a $30.00 price objective for the company. Leerink Partners assumed coverage on Summit Therapeutics in a report on Wednesday, June 11th. They set an "underperform" rating and a $12.00 price objective for the company. Leerink Partnrs raised Summit Therapeutics to a "strong sell" rating in a report on Wednesday, June 11th. Finally, Summit Redstone set a $21.00 price objective on Summit Therapeutics in a report on Tuesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $33.79.

Summit Therapeutics Trading Up 9.2%

Shares of NASDAQ:SMMT traded up $2.18 during trading on Friday, reaching $25.98. The company's stock had a trading volume of 3,401,699 shares, compared to its average volume of 3,066,105. Summit Therapeutics PLC has a 12 month low of $11.88 and a 12 month high of $36.91. The firm's 50 day simple moving average is $25.85 and its two-hundred day simple moving average is $23.20. The stock has a market capitalization of $19.30 billion, a PE ratio of -25.72 and a beta of -1.02.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.76) earnings per share for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.66). 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.