Sovran Advisors LLC Boosts Stock Position in Summit Therapeutics PLC (NASDAQ:SMMT)

Sovran Advisors LLC raised its holdings in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 25.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 146,528 shares of the company's stock after purchasing an additional 29,354 shares during the period. Sovran Advisors LLC's holdings in Summit Therapeutics were worth $2,827,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wells Fargo & Company MN lifted its position in shares of Summit Therapeutics by 79.2% in the fourth quarter. Wells Fargo & Company MN now owns 95,265 shares of the company's stock valued at $1,700,000 after acquiring an additional 42,090 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Summit Therapeutics by 252.8% in the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company's stock valued at $3,661,000 after acquiring an additional 147,003 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Summit Therapeutics by 358.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company's stock valued at $3,664,000 after acquiring an additional 160,592 shares in the last quarter. Bank of America Corp DE lifted its position in Summit Therapeutics by 10.5% during the fourth quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock worth $7,701,000 after buying an additional 40,908 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Summit Therapeutics by 6.6% during the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock worth $208,261,000 after buying an additional 724,040 shares in the last quarter. Hedge funds and other institutional investors own 4.61% of the company's stock.

Summit Therapeutics Trading Down 3.4%

Shares of Summit Therapeutics stock traded down $0.72 on Friday, hitting $20.60. The stock had a trading volume of 14,074,854 shares, compared to its average volume of 3,668,091. Summit Therapeutics PLC has a 52-week low of $6.78 and a 52-week high of $36.91. The stock has a market cap of $15.30 billion, a price-to-earnings ratio of -60.59 and a beta of -1.06. The company's 50 day moving average price is $23.39 and its 200 day moving average price is $21.08.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01. Analysts predict that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently commented on SMMT shares. Wall Street Zen upgraded Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Sunday. Jefferies Financial Group set a $44.00 target price on Summit Therapeutics and gave the company a "buy" rating in a research report on Friday, April 25th. Leerink Partnrs raised Summit Therapeutics to a "strong sell" rating in a research note on Wednesday, June 11th. Evercore ISI assumed coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They set an "outperform" rating and a $30.00 target price for the company. Finally, Summit Redstone set a $35.00 target price on Summit Therapeutics in a research note on Wednesday, March 26th. Two analysts have rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Summit Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $35.09.

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.