Rockland Trust Co. Buys Shares of 400,000 Summit Therapeutics PLC $SMMT

Key Points

• Rockland Trust Co. purchased 400,000 shares of Summit Therapeutics PLC, valued at approximately $8.5 million, during the 2nd quarter, increasing institutional ownership to 4.61% of the company.
• Analysts have mixed views on Summit Therapeutics, with 12 Buy ratings, one Hold rating, and four Sell ratings, and a consensus price target averaging $31.87.
• Insiders, including the CEOs, acquired a total of 676,788 shares in recent months, indicating strong confidence in the company's prospects.

Rockland Trust Co. acquired a new position in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 400,000 shares of the company's stock, valued at approximately $8,512,000. Rockland Trust Co. owned approximately 0.05% of Summit Therapeutics at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Bank of America Corp DE grew its holdings in Summit Therapeutics by 10.5% during the 4th quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock worth $7,701,000 after acquiring an additional 40,908 shares in the last quarter. Siren L.L.C. bought a new position in shares of Summit Therapeutics in the 1st quarter worth about $13,407,000. Janney Montgomery Scott LLC lifted its position in shares of Summit Therapeutics by 12.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 17,610 shares of the company's stock worth $340,000 after buying an additional 1,894 shares during the last quarter. Ameriprise Financial Inc. bought a new position in shares of Summit Therapeutics in the 4th quarter worth about $406,000. Finally, GAMMA Investing LLC lifted its position in shares of Summit Therapeutics by 2,629.7% in the 1st quarter. GAMMA Investing LLC now owns 15,914 shares of the company's stock worth $307,000 after buying an additional 15,331 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 research analysts have recently issued reports on SMMT shares. Zacks Research downgraded shares of Summit Therapeutics from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 14th. UBS Group started coverage on shares of Summit Therapeutics in a research report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price target on the stock. Summit Redstone set a $13.00 price target on shares of Summit Therapeutics in a research report on Tuesday. Guggenheim started coverage on shares of Summit Therapeutics in a research report on Wednesday, September 3rd. They issued a "buy" rating and a $40.00 price target on the stock. Finally, Barclays started coverage on shares of Summit Therapeutics in a research report on Wednesday. They issued an "underweight" rating and a $13.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.87.

Summit Therapeutics Trading Down 1.8%

NASDAQ:SMMT traded down $0.34 during mid-day trading on Friday, hitting $18.89. The stock had a trading volume of 9,196,736 shares, compared to its average volume of 5,136,832. The stock has a market capitalization of $14.03 billion, a price-to-earnings ratio of -18.70 and a beta of -1.02. The company has a 50 day simple moving average of $24.89 and a 200-day simple moving average of $23.11. Summit Therapeutics PLC has a 52 week low of $15.55 and a 52 week high of $36.91.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued 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, equities research analysts anticipate that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

Insider Activity

In related news, CEO Robert W. Duggan bought 333,394 shares of the stock in a transaction on Wednesday, September 10th. The shares were purchased at an average price of $17.68 per share, with a total value of $5,894,405.92. Following the purchase, the chief executive officer owned 556,088,090 shares in the company, valued at approximately $9,831,637,431.20. This represents a 0.06% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mahkam Zanganeh bought 333,394 shares of the stock in a transaction on Wednesday, September 10th. The shares were bought at an average cost of $17.68 per share, for a total transaction of $5,894,405.92. Following the purchase, the chief executive officer owned 556,088,090 shares in the company, valued at $9,831,637,431.20. This trade represents a 0.06% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 676,788 shares of company stock worth $11,969,512. 84.90% of the stock is owned by corporate insiders.

Summit Therapeutics 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.