Seven Fleet Capital Management LP Acquires Shares of 73,300 Summit Therapeutics PLC $SMMT

Key Points

• Seven Fleet Capital Management acquired 73,300 Summit Therapeutics shares during the second quarter, valued at approximately $1.09 million. Institutional investors and hedge funds collectively own 4.61% of the company.
• Summit’s CEOs each purchased 3.81 million shares at $13.12 per share, worth nearly $50 million per transaction. Corporate insiders now own 83.50% of the stock.
• Analyst sentiment is mixed, with a consensus “Hold” rating and a $24.07 price target. SMMT opened at $17.60, while the company recently reported a quarterly loss of $0.28 per share, slightly worse than expectations.

Seven Fleet Capital Management LP acquired a new stake in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 73,300 shares of the company's stock, valued at approximately $1,091,000.

A number of other hedge funds also recently modified their holdings of SMMT. Ball & Co Wealth Management Inc. bought a new stake in shares of Summit Therapeutics during the 1st quarter worth about $28,000. Kestra Advisory Services LLC bought a new position in Summit Therapeutics in the 4th quarter valued at about $28,000. T. Rowe Price Investment Management Inc. lifted its position in Summit Therapeutics by 2,654.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company's stock worth $33,000 after acquiring an additional 1,805 shares during the last quarter. Parallel Advisors LLC acquired a new stake in Summit Therapeutics during the third quarter worth approximately $39,000. Finally, Truvestments Capital LLC boosted its holdings in shares of Summit Therapeutics by 200.2% during the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company's stock worth $46,000 after acquiring an additional 1,736 shares during the period. Institutional investors and hedge funds own 4.61% of the company's stock.

Insider Transactions at Summit Therapeutics

In other news, CEO Robert Duggan bought 3,810,000 shares of the firm's stock in a transaction on Friday, June 12th. The shares were purchased at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the acquisition, the chief executive officer directly owned 573,883,879 shares in the company, valued at $7,529,356,492.48. This represents a 0.67% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mahkam Zanganeh bought 3,810,000 shares of the company's stock in a transaction dated Friday, June 12th. The stock was purchased at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the transaction, the chief executive officer directly owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. This represents a 0.67% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 83.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. HC Wainwright reiterated a "neutral" rating on shares of Summit Therapeutics in a research note on Thursday. Sanford C. Bernstein raised Summit Therapeutics from an "underperform" rating to a "market perform" rating and upped their price objective for the company from $9.80 to $11.90 in a report on Tuesday, August 25th. Stifel Nicolaus lowered their price objective on Summit Therapeutics from $45.00 to $38.00 and set a "buy" rating on the stock in a research report on Friday, July 24th. Wall Street Zen raised shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday. Finally, KeyCorp restated an "overweight" rating on shares of Summit Therapeutics in a research note on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $24.07.

Summit Therapeutics Stock Performance

SMMT opened at $17.60 on Friday. The firm has a market cap of $14.04 billion, a P/E ratio of -15.71 and a beta of -1.24. Summit Therapeutics PLC has a 52-week low of $12.07 and a 52-week high of $29.23. The business's fifty day moving average is $14.24 and its 200-day moving average is $16.17.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of ($0.27) by ($0.01). On average, research analysts predict that Summit Therapeutics PLC will post -1.2 earnings per share for the current fiscal year.

Summit Therapeutics Profile

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit's lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.