Summit Therapeutics PLC (NASDAQ:SMMT) Stake Boosted by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its holdings in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 20.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 246,429 shares of the company's stock after buying an additional 41,279 shares during the period. Principal Financial Group Inc.'s holdings in Summit Therapeutics were worth $4,754,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in SMMT. Wells Fargo & Company MN raised its holdings in Summit Therapeutics by 79.2% during the fourth quarter. Wells Fargo & Company MN now owns 95,265 shares of the company's stock worth $1,700,000 after purchasing an additional 42,090 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Summit Therapeutics by 358.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company's stock worth $3,664,000 after purchasing an additional 160,592 shares in the last quarter. Bank of America Corp DE raised its holdings in Summit Therapeutics by 10.5% during 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 in the last quarter. Vanguard Group Inc. raised its holdings in Summit Therapeutics by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock worth $208,261,000 after purchasing an additional 724,040 shares in the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in Summit Therapeutics during the fourth quarter worth approximately $8,801,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Trading Up 0.5%

NASDAQ:SMMT traded up $0.14 during trading hours on Monday, hitting $26.34. 1,917,454 shares of the stock traded hands, compared to its average volume of 3,755,840. The firm has a 50 day moving average price of $22.82 and a 200 day moving average price of $21.75. Summit Therapeutics PLC has a fifty-two week low of $8.80 and a fifty-two week high of $36.91. The firm has a market cap of $19.56 billion, a price-to-earnings ratio of -77.47 and a beta of -1.01.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.01. Research analysts predict that Summit Therapeutics PLC will post -0.3 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently commented on SMMT. JMP Securities reissued a "market outperform" rating and set a $40.00 target price on shares of Summit Therapeutics in a report on Monday, June 2nd. UBS Group began coverage on Summit Therapeutics in a report on Tuesday, July 1st. They set a "buy" rating and a $30.00 target price on the stock. HC Wainwright reissued a "buy" rating and set a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, July 1st. The Goldman Sachs Group upped their price target on Summit Therapeutics from $37.00 to $41.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Finally, Summit Redstone set a $35.00 price target on Summit Therapeutics in a report on Wednesday, March 26th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Summit Therapeutics has an average rating of "Moderate Buy" and an average target price of $34.67.

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.