Deutsche Bank AG reduced its stake in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 10.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 427,619 shares of the company's stock after selling 51,189 shares during the period. Deutsche Bank AG owned about 0.06% of Summit Therapeutics worth $8,249,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. Golden State Wealth Management LLC boosted its stake in shares of Summit Therapeutics by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock valued at $29,000 after purchasing an additional 751 shares in the last quarter. CWM LLC boosted its stake in shares of Summit Therapeutics by 3,455.3% in the 1st quarter. CWM LLC now owns 1,671 shares of the company's stock valued at $32,000 after purchasing an additional 1,624 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Summit Therapeutics by 1,400.0% in the 1st quarter. Fifth Third Bancorp now owns 3,000 shares of the company's stock valued at $58,000 after purchasing an additional 2,800 shares in the last quarter. Exchange Traded Concepts LLC boosted its stake in shares of Summit Therapeutics by 11.4% in the 1st quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company's stock valued at $122,000 after purchasing an additional 647 shares in the last quarter. Finally, Summit Investment Advisors Inc. boosted its stake in shares of Summit Therapeutics by 12.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 9,621 shares of the company's stock valued at $172,000 after purchasing an additional 1,044 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of equities research analysts have recently weighed in on the stock. Jefferies Financial Group set a $44.00 price target on shares of Summit Therapeutics and gave the company a "buy" rating in a research note on Friday, April 25th. Zacks Research downgraded shares of Summit Therapeutics from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 14th. Leerink Partners assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, June 11th. They set an "underperform" rating and a $12.00 target price on the stock. HC Wainwright restated a "buy" rating and issued a $44.00 price target on shares of Summit Therapeutics in a research report on Friday. Finally, UBS Group assumed coverage on shares of Summit Therapeutics in a research report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $32.85.
Read Our Latest Stock Analysis on SMMT
Summit Therapeutics Price Performance
Shares of NASDAQ:SMMT traded down $0.6510 during mid-day trading on Tuesday, hitting $25.6390. The company had a trading volume of 1,671,212 shares, compared to its average volume of 3,625,104. The company has a market capitalization of $19.05 billion, a PE ratio of -25.32 and a beta of -1.06. The firm has a fifty day moving average price of $24.58 and a 200 day moving average price of $22.80. Summit Therapeutics PLC has a one year low of $11.76 and a one year high of $36.91.
Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The company reported ($0.76) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.66). Research analysts expect that Summit Therapeutics PLC will post -0.3 earnings per share for the current fiscal year.
Summit Therapeutics Profile
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Free Report)
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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