Polymer Capital Management HK LTD Acquires New Shares in Summit Therapeutics PLC $SMMT

Polymer Capital Management HK LTD acquired a new position in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 224,853 shares of the company's stock, valued at approximately $3,276,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Ball & Co Wealth Management Inc. bought a new position in shares of Summit Therapeutics during the first quarter worth about $28,000. Kestra Advisory Services LLC bought a new stake in Summit Therapeutics in the 4th quarter valued at about $28,000. Parallel Advisors LLC acquired a new position in Summit Therapeutics during the 3rd quarter valued at about $39,000. T. Rowe Price Investment Management Inc. boosted its stake in Summit Therapeutics by 2,654.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company's stock valued at $33,000 after purchasing an additional 1,805 shares during the period. Finally, Truvestments Capital LLC grew its position in Summit Therapeutics by 200.2% in the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company's stock worth $46,000 after purchasing an additional 1,736 shares during the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on SMMT shares. Guggenheim cut their price target on Summit Therapeutics from $40.00 to $38.00 and set a "buy" rating on the stock in a report on Friday, July 24th. Stifel Nicolaus decreased their price objective on Summit Therapeutics from $45.00 to $38.00 and set a "buy" rating for the company in a report on Friday, July 24th. HC Wainwright restated a "neutral" rating on shares of Summit Therapeutics in a research report on Tuesday, August 18th. Leerink Partners raised Summit Therapeutics from an "underperform" rating to a "market perform" rating and lifted their target price for the company from $12.00 to $13.00 in a research note on Wednesday, August 12th. Finally, KeyCorp reiterated an "overweight" rating on shares of Summit Therapeutics in a research report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $24.25.

Summit Therapeutics Stock Performance

Shares of SMMT stock opened at $13.16 on Monday. Summit Therapeutics PLC has a 1 year low of $12.07 and a 1 year high of $30.05. The business's fifty day moving average is $14.15 and its 200-day moving average is $16.19. The stock has a market cap of $10.50 billion, a PE ratio of -11.75 and a beta of -1.23.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Equities research analysts predict that Summit Therapeutics PLC will post -1.2 earnings per share for the current year.

Insider Activity

In other Summit Therapeutics news, CEO Robert W. Duggan bought 3,810,000 shares of the business's stock in a transaction that occurred on Friday, June 12th. The stock was acquired at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the purchase, the chief executive officer directly owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO Mahkam Zanganeh bought 3,810,000 shares of Summit Therapeutics stock in a transaction that occurred on Friday, June 12th. The shares were acquired at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the acquisition, the chief executive officer directly owned 573,883,879 shares of the company's stock, valued at $7,529,356,492.48. This represents a 0.67% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders acquired 7,870,000 shares of company stock worth $103,616,900. Corporate insiders own 83.50% of the company's stock.

About Summit Therapeutics

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit's lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.

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