Summit Therapeutics PLC (NASDAQ:SMMT) Shares Purchased by Skandinaviska Enskilda Banken AB publ

Key Points

• Skandinaviska Enskilda Banken AB has increased its stake in Summit Therapeutics PLC by 103.4%, owning 66,451 shares valued at approximately $1.28 million after acquiring an additional 33,788 shares.
• Various analysts have given Summit Therapeutics stock a mix of ratings, with the majority issuing buy ratings and an average target price of $34.67, while one firm has assigned a "strong sell" rating.
• The stock is currently trading at $26.66, with a 52-week range of $8.88 to $36.91, indicating significant volatility in its performance over the last year.

Skandinaviska Enskilda Banken AB publ increased its position in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 103.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 66,451 shares of the company's stock after purchasing an additional 33,788 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in Summit Therapeutics were worth $1,283,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. American Century Companies Inc. purchased a new position in shares of Summit Therapeutics in the 4th quarter valued at about $231,000. Vanguard Group Inc. grew its stake in Summit Therapeutics by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock valued at $208,261,000 after acquiring an additional 724,040 shares during the last quarter. Norges Bank acquired a new stake in Summit Therapeutics in the 4th quarter valued at about $1,784,000. Pictet Asset Management Holding SA grew its stake in Summit Therapeutics by 100.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock valued at $24,755,000 after acquiring an additional 695,843 shares during the last quarter. Finally, Orion Portfolio Solutions LLC acquired a new stake in Summit Therapeutics in the 4th quarter valued at about $193,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on SMMT. Leerink Partners began coverage on shares of Summit Therapeutics in a research note on Wednesday, June 11th. They issued an "underperform" rating and a $12.00 price objective on the stock. JMP Securities reissued a "market outperform" rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research note on Monday, June 2nd. HC Wainwright reissued a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, July 1st. Wall Street Zen raised shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Sunday, June 29th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a report on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $34.67.

Summit Therapeutics Stock Performance

Summit Therapeutics stock traded up $0.70 during trading on Friday, reaching $27.07. The company had a trading volume of 1,916,991 shares, compared to its average volume of 3,674,424. Summit Therapeutics PLC has a 12-month low of $8.88 and a 12-month high of $36.91. The stock's 50 day moving average price is $23.32 and its two-hundred day moving average price is $22.25. The firm has a market capitalization of $20.10 billion, a price-to-earnings ratio of -79.62 and a beta of -1.01.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.10) by $0.01. As a group, research analysts expect that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

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.