Sovran Advisors LLC Buys 29,354 Shares of Summit Therapeutics PLC (NASDAQ:SMMT)

Sovran Advisors LLC raised its holdings in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 25.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 146,528 shares of the company's stock after acquiring an additional 29,354 shares during the quarter. Sovran Advisors LLC's holdings in Summit Therapeutics were worth $2,827,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Summit Therapeutics by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock valued at $208,261,000 after purchasing an additional 724,040 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Summit Therapeutics by 20.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company's stock worth $116,995,000 after buying an additional 1,118,270 shares during the period. Geode Capital Management LLC lifted its stake in Summit Therapeutics by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 3,200,847 shares of the company's stock valued at $57,133,000 after buying an additional 101,039 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Summit Therapeutics by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,485,072 shares of the company's stock worth $26,501,000 after acquiring an additional 52,359 shares in the last quarter. Finally, Pictet Asset Management Holding SA increased its position in shares of Summit Therapeutics by 100.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock worth $24,755,000 after acquiring an additional 695,843 shares in the last quarter. Institutional investors own 4.61% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday. The Goldman Sachs Group lifted their price target on Summit Therapeutics from $37.00 to $41.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Leerink Partnrs raised Summit Therapeutics to a "strong sell" rating in a research note on Wednesday, June 11th. TD Cowen upgraded Summit Therapeutics to a "strong-buy" rating in a research report on Thursday, May 8th. Finally, Summit Redstone set a $35.00 target price on Summit Therapeutics in a report on Wednesday, March 26th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $34.67.

Summit Therapeutics Stock Up 6.7%

SMMT stock traded up $1.42 during mid-day trading on Wednesday, reaching $22.62. 2,943,230 shares of the stock traded hands, compared to its average volume of 3,661,265. The firm has a market capitalization of $16.80 billion, a PE ratio of -66.53 and a beta of -1.02. The business has a 50-day moving average of $23.19 and a two-hundred day moving average of $21.13. Summit Therapeutics PLC has a 52 week low of $6.78 and a 52 week high of $36.91.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.01. On average, equities research analysts anticipate that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal year.

Summit Therapeutics Company 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.