Rockland Trust Co. Takes $8.51 Million Position in 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. bought a new position in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 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 quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Golden State Wealth Management LLC raised its holdings in Summit Therapeutics by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after purchasing an additional 751 shares in the last quarter. CWM LLC raised its holdings in Summit Therapeutics by 3,455.3% during the first quarter. CWM LLC now owns 1,671 shares of the company's stock worth $32,000 after purchasing an additional 1,624 shares in the last quarter. AlphaQuest LLC purchased a new position in Summit Therapeutics during the first quarter worth about $49,000. Fifth Third Bancorp raised its holdings in Summit Therapeutics by 1,400.0% during the first quarter. Fifth Third Bancorp now owns 3,000 shares of the company's stock worth $58,000 after purchasing an additional 2,800 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its holdings in Summit Therapeutics by 11.4% during the first quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company's stock worth $122,000 after purchasing an additional 647 shares in the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SMMT has been the subject of a number of research analyst reports. Wall Street Zen cut shares of Summit Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Evercore ISI increased their target price on shares of Summit Therapeutics from $30.00 to $34.00 and gave the company an "outperform" rating in a report on Tuesday, August 12th. Leerink Partnrs raised shares of Summit Therapeutics to a "strong sell" rating in a report on Wednesday, June 11th. JMP Securities reaffirmed a "market outperform" rating and issued a $40.00 target price on shares of Summit Therapeutics in a report on Wednesday, September 3rd. Finally, Summit Redstone set a $13.00 price target on shares of Summit Therapeutics in a research report on Tuesday, September 16th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $31.87.

Insider Transactions at Summit Therapeutics

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

Summit Therapeutics Stock Up 1.1%

Shares of SMMT stock traded up $0.21 during mid-day trading on Monday, reaching $19.10. The company's stock had a trading volume of 3,718,478 shares, compared to its average volume of 5,485,742. Summit Therapeutics PLC has a 12-month low of $15.55 and a 12-month high of $36.91. The firm has a market capitalization of $14.19 billion, a PE ratio of -18.91 and a beta of -1.02. The company's 50 day simple moving average is $24.76 and its 200-day simple moving average is $23.17.

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