Sargent Investment Group LLC Sells 70,000 Shares of Summit Therapeutics PLC (NASDAQ:SMMT)

Sargent Investment Group LLC reduced its position in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 87.0% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 10,500 shares of the company's stock after selling 70,000 shares during the period. Sargent Investment Group LLC's holdings in Summit Therapeutics were worth $203,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SMMT. Golden State Wealth Management LLC increased its position in shares of Summit Therapeutics by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock valued at $29,000 after buying an additional 751 shares during the period. National Bank of Canada FI bought a new stake in shares of Summit Therapeutics during the fourth quarter valued at about $30,000. CWM LLC increased its position in shares of Summit Therapeutics by 3,455.3% during the first quarter. CWM LLC now owns 1,671 shares of the company's stock valued at $32,000 after buying an additional 1,624 shares during the period. Fifth Third Bancorp increased its position in shares of Summit Therapeutics by 1,400.0% during the first quarter. Fifth Third Bancorp now owns 3,000 shares of the company's stock valued at $58,000 after buying an additional 2,800 shares during the period. Finally, Exchange Traded Concepts LLC increased its position in shares of Summit Therapeutics by 11.4% during the first quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company's stock valued at $122,000 after buying an additional 647 shares during the period. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Stock Performance

NASDAQ:SMMT opened at $26.20 on Monday. The firm has a market cap of $19.46 billion, a PE ratio of -77.06 and a beta of -1.01. Summit Therapeutics PLC has a fifty-two week low of $8.80 and a fifty-two week high of $36.91. The business has a 50 day moving average price of $22.82 and a 200-day moving average price of $21.75.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, beating analysts' consensus estimates 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 have recently commented on SMMT. Leerink Partnrs raised Summit Therapeutics to a "strong sell" rating in a report on Wednesday, June 11th. Leerink Partners began coverage on Summit Therapeutics in a report on Wednesday, June 11th. They set an "underperform" rating and a $12.00 price objective for the company. Wall Street Zen raised Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Sunday, June 29th. Jefferies Financial Group set a $44.00 price objective on Summit Therapeutics and gave the stock a "buy" rating in a report on Friday, April 25th. Finally, TD Cowen raised Summit Therapeutics to a "strong-buy" rating in a report on Thursday, May 8th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $34.67.

About Summit Therapeutics

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.

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