Summit Therapeutics PLC (NASDAQ:SMMT) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. increased its stake in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 20.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Exchange Traded Concepts LLC increased its position in Summit Therapeutics by 11.4% during the 1st 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 period. Golden State Wealth Management LLC increased its position in Summit Therapeutics by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock valued at $29,000 after purchasing an additional 751 shares during the period. Summit Investment Advisors Inc. increased its position in Summit Therapeutics by 12.2% during the 4th quarter. Summit Investment Advisors Inc. now owns 9,621 shares of the company's stock valued at $172,000 after purchasing an additional 1,044 shares during the period. ProShare Advisors LLC increased its position in Summit Therapeutics by 2.5% during the 4th quarter. ProShare Advisors LLC now owns 60,830 shares of the company's stock valued at $1,086,000 after purchasing an additional 1,474 shares during the period. Finally, National Bank of Canada FI purchased a new position in Summit Therapeutics during the 4th quarter valued at about $30,000. Hedge funds and other institutional investors own 4.61% of the company's stock.

Wall Street Analyst Weigh In

SMMT has been the topic of a number of research reports. Leerink Partnrs raised shares of Summit Therapeutics to a "strong sell" rating in a research report on Wednesday, June 11th. Leerink Partners initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, June 11th. They issued an "underperform" rating and a $12.00 price objective on the stock. Jefferies Financial Group set a $44.00 price objective on shares of Summit Therapeutics and gave the stock a "buy" rating in a research report on Friday, April 25th. HC Wainwright reaffirmed a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, July 1st. Finally, Wall Street Zen raised shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Sunday, June 29th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $34.67.

Summit Therapeutics Stock Performance

SMMT stock traded down $1.43 during trading on Friday, reaching $26.20. The company had a trading volume of 2,998,759 shares, compared to its average volume of 3,749,929. The firm has a 50-day simple moving average of $22.77 and a 200-day simple moving average of $21.64. The company has a market cap of $19.46 billion, a price-to-earnings ratio of -77.06 and a beta of -1.01. Summit Therapeutics PLC has a twelve month low of $8.71 and a twelve month high of $36.91.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. Sell-side analysts expect that Summit Therapeutics PLC will post -0.3 earnings per share for the current 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.