Rafferty Asset Management LLC Trims Stock Position in Summit Therapeutics PLC $SMMT

Key Points

• Rafferty Asset Management LLC has decreased its stake in Summit Therapeutics PLC by 26.3%, selling 81,950 shares and now holds 229,742 shares valued at $4,432,000.
• Summit Therapeutics reported a loss of ($0.76) EPS for the last quarter, missing analysts' estimates, with expectations for a forecast of -0.3 EPS for the current year.
• The stock has a market cap of $18.14 billion and has experienced a 52-week range between a low of $11.76 and a high of $36.91.

Rafferty Asset Management LLC decreased its position in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 26.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 229,742 shares of the company's stock after selling 81,950 shares during the period. Rafferty Asset Management LLC's holdings in Summit Therapeutics were worth $4,432,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets acquired a new stake in Summit Therapeutics during the 4th quarter worth about $8,801,000. Boxer Capital Management LLC purchased a new position in shares of Summit Therapeutics during the 4th quarter valued at about $4,461,000. Nuveen LLC purchased a new position in shares of Summit Therapeutics during the 1st quarter valued at about $4,550,000. Neo Ivy Capital Management purchased a new position in shares of Summit Therapeutics during the 4th quarter valued at about $3,739,000. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Summit Therapeutics by 61.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 476,814 shares of the company's stock valued at $8,509,000 after buying an additional 181,185 shares during the last quarter. Hedge funds and other institutional investors own 4.61% of the company's stock.

Analyst Upgrades and Downgrades

SMMT has been the subject of a number of recent research reports. UBS Group initiated coverage on Summit Therapeutics in a research note on Tuesday, July 1st. They set a "buy" rating and a $30.00 price objective for the company. HC Wainwright raised their target price on Summit Therapeutics from $44.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday. JMP Securities restated a "market outperform" rating and set a $40.00 target price on shares of Summit Therapeutics in a research report on Tuesday, August 19th. Zacks Research cut Summit Therapeutics from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 14th. Finally, Wall Street Zen cut Summit Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $33.31.

Summit Therapeutics Stock Down 2.9%

SMMT traded down $0.72 during trading on Friday, reaching $23.70. The company's stock had a trading volume of 2,542,757 shares, compared to its average volume of 3,220,154. The firm has a fifty day simple moving average of $25.53 and a two-hundred day simple moving average of $23.12. Summit Therapeutics PLC has a 1 year low of $11.76 and a 1 year high of $36.91. The company has a market cap of $17.61 billion, a price-to-earnings ratio of -23.47 and a beta of -1.02.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.66). As a group, equities analysts forecast 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.