Siren L.L.C. Takes $13.41 Million Position in Summit Therapeutics PLC $SMMT

Key Points

• Siren L.L.C. has acquired a new stake in Summit Therapeutics PLC, purchasing 695,000 shares worth approximately $13.41 million, representing about 0.09% ownership in the company.
• Several hedge funds, including Dimensional Fund Advisors and Bank of America, have significantly increased their positions in Summit Therapeutics during the last quarter.
• Summit Therapeutics reported a loss of ($0.76) earnings per share, missing analyst expectations, with a current consensus rating of "Moderate Buy" from analysts.

Siren L.L.C. purchased a new stake in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 695,000 shares of the company's stock, valued at approximately $13,407,000. Siren L.L.C. owned approximately 0.09% of Summit Therapeutics at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in SMMT. Dimensional Fund Advisors LP boosted its stake in shares of Summit Therapeutics by 358.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company's stock valued at $3,664,000 after purchasing an additional 160,592 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Summit Therapeutics by 1.6% in the 4th quarter. Northern Trust Corp now owns 871,402 shares of the company's stock valued at $15,550,000 after purchasing an additional 14,075 shares in the last quarter. Ameriprise Financial Inc. bought a new position in Summit Therapeutics in the 4th quarter valued at approximately $406,000. Bank of America Corp DE raised its holdings in Summit Therapeutics by 10.5% in the 4th quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock valued at $7,701,000 after buying an additional 40,908 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in Summit Therapeutics by 20.4% in the 4th quarter. Deutsche Bank AG now owns 478,808 shares of the company's stock valued at $8,547,000 after buying an additional 81,130 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Stock Performance

Summit Therapeutics stock opened at $17.60 on Thursday. Summit Therapeutics PLC has a 52-week low of $15.55 and a 52-week high of $36.91. The firm has a 50 day moving average price of $25.67 and a two-hundred day moving average price of $23.12. The firm has a market cap of $13.07 billion, a price-to-earnings ratio of -17.43 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) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.66). As a group, equities research analysts predict that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SMMT. Wall Street Zen lowered shares of Summit Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. Leerink Partnrs upgraded shares of Summit Therapeutics to a "strong sell" rating in a report on Wednesday, June 11th. Leerink Partners began coverage on shares of Summit Therapeutics in a report on Wednesday, June 11th. They issued an "underperform" rating and a $12.00 price objective for the company. UBS Group began coverage on shares of Summit Therapeutics in a report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price objective for the company. Finally, Guggenheim began coverage on shares of Summit Therapeutics in a report on Wednesday, September 3rd. They issued a "buy" rating and a $40.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $33.79.

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.

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