695,000 Shares in Summit Therapeutics PLC $SMMT Acquired by Siren L.L.C.

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

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Focus Partners Wealth raised its position in Summit Therapeutics by 145,546.6% in the first quarter. Focus Partners Wealth now owns 84,475 shares of the company's stock valued at $1,630,000 after purchasing an additional 84,417 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Summit Therapeutics by 1.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock valued at $1,273,000 after purchasing an additional 694 shares during the period. Cutter Capital Management LP purchased a new stake in Summit Therapeutics in the first quarter valued at approximately $7,716,000. Bosun Asset Management LLC raised its position in Summit Therapeutics by 60.3% in the first quarter. Bosun Asset Management LLC now owns 24,593 shares of the company's stock valued at $474,000 after purchasing an additional 9,249 shares during the period. Finally, AQR Capital Management LLC raised its position in Summit Therapeutics by 5.0% in the first quarter. AQR Capital Management LLC now owns 65,623 shares of the company's stock valued at $1,266,000 after purchasing an additional 3,134 shares during the period. Hedge funds and other institutional investors own 4.61% of the company's stock.

Insider Transactions at Summit Therapeutics

In related news, CEO Robert W. Duggan bought 333,394 shares of the company's stock in a transaction on Wednesday, September 10th. The stock was bought at an average cost of $17.68 per share, with a total value of $5,894,405.92. Following the completion of the acquisition, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Mahkam Zanganeh acquired 333,394 shares of the company's stock in a transaction dated Wednesday, September 10th. The shares were acquired at an average cost of $17.68 per share, with a total value of $5,894,405.92. Following the completion of 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 disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 676,788 shares of company stock valued at $11,969,512. 84.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

SMMT has been the topic of a number of recent research reports. Zacks Research lowered Summit Therapeutics from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 14th. Summit Redstone set a $21.00 target price on shares of Summit Therapeutics in a research note on Tuesday, August 19th. Guggenheim began coverage on shares of Summit Therapeutics in a research note on Wednesday, September 3rd. They issued a "buy" rating and a $40.00 price objective for the company. UBS Group began coverage on shares of Summit Therapeutics in a research note on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price objective for the company. Finally, JMP Securities restated a "market outperform" rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research note on Wednesday, September 3rd. 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 given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $33.79.

Summit Therapeutics Price Performance

Summit Therapeutics stock traded down $0.53 during mid-day trading on Tuesday, reaching $18.41. The company had a trading volume of 1,216,234 shares, compared to its average volume of 3,762,778. Summit Therapeutics PLC has a 1 year low of $15.55 and a 1 year high of $36.91. The company has a market capitalization of $13.68 billion, a P/E ratio of -18.26 and a beta of -1.02. The stock's 50-day simple moving average is $25.37 and its 200-day simple moving average is $23.18.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.66). On average, equities analysts forecast that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal year.

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.