Nuveen LLC Makes New $4.55 Million Investment in Summit Therapeutics PLC $SMMT

Key Points

• Nuveen LLC invested $4.55 million in Summit Therapeutics PLC during the first quarter, acquiring approximately 235,893 shares of the company's stock.
• Several institutional investors, including Northern Trust Corp and Deutsche Bank AG, have also increased their stakes in Summit Therapeutics, signaling growing interest in the company.
• Analysts have mixed opinions on Summit's stock, with ratings ranging from "strong buy" to "strong sell," leading to a current consensus rating of "Moderate Buy."

Nuveen LLC purchased a new stake in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 235,893 shares of the company's stock, valued at approximately $4,550,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its stake in Summit Therapeutics by 358.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company's stock valued at $3,664,000 after buying an additional 160,592 shares in the last quarter. Bank of America Corp DE boosted its holdings in Summit Therapeutics by 10.5% in the fourth quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock worth $7,701,000 after purchasing an additional 40,908 shares during the period. BNP Paribas Financial Markets bought a new stake in Summit Therapeutics during the fourth quarter valued at $8,801,000. Janney Montgomery Scott LLC raised its holdings in shares of Summit Therapeutics by 12.1% during the first quarter. Janney Montgomery Scott LLC now owns 17,610 shares of the company's stock worth $340,000 after purchasing an additional 1,894 shares during the period. Finally, Hsbc Holdings PLC bought a new position in shares of Summit Therapeutics in the 4th quarter worth about $188,000. Hedge funds and other institutional investors own 4.61% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on SMMT shares. Wall Street Zen downgraded shares of Summit Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. TD Cowen upgraded Summit Therapeutics to a "strong-buy" rating in a research note on Thursday, May 8th. HC Wainwright upped their target price on Summit Therapeutics from $44.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday. Piper Sandler started coverage on Summit Therapeutics in a research report on Monday, August 18th. They set a "neutral" rating and a $21.00 price target on the stock. Finally, Zacks Research cut Summit Therapeutics from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $33.31.

Summit Therapeutics Price Performance

Summit Therapeutics stock traded down $0.72 during midday trading on Friday, reaching $23.70. The stock had a trading volume of 2,542,757 shares, compared to its average volume of 3,188,800. Summit Therapeutics PLC has a twelve month low of $11.76 and a twelve month high of $36.91. The firm has a market cap of $17.61 billion, a price-to-earnings ratio of -23.47 and a beta of -1.06. The firm's fifty day simple moving average is $25.53 and its two-hundred day simple moving average is $23.09.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.66). As a group, sell-side analysts predict that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal 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.