Summit Therapeutics PLC $SMMT Shares Bought by Polymer Capital Management HK LTD

Key Points

• Polymer Capital Management HK LTD increased its stake in Summit Therapeutics by 73.9% in the fourth quarter, buying 603,879 additional shares and lifting its holdings to 1,421,155 shares worth about $24.9 million.
• Summit Therapeutics has seen notable insider buying, including CEO Mahkam Zanganeh’s purchase of 3.81 million shares and CFO Manmeet Singh Soni’s purchase of 50,000 shares. Insiders have bought 7.87 million shares over the last three months, and they now own 83.5% of the company.
• The stock has been volatile, trading at $14.01 with a 52-week range of $12.55 to $30.98. Analysts currently have a consensus Hold rating with a target price of $27.23, even though the company recently beat quarterly EPS estimates.

Polymer Capital Management HK LTD raised its holdings in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 73.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,421,155 shares of the company's stock after buying an additional 603,879 shares during the quarter. Summit Therapeutics comprises 3.5% of Polymer Capital Management HK LTD's investment portfolio, making the stock its 7th largest holding. Polymer Capital Management HK LTD owned approximately 0.18% of Summit Therapeutics worth $24,856,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of 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 in the last quarter. Sei Investments Co. raised its stake in shares of Summit Therapeutics by 3.3% in the third quarter. Sei Investments Co. now owns 27,163 shares of the company's stock valued at $561,000 after purchasing an additional 860 shares in the last quarter. Levin Capital Strategies L.P. raised its stake in shares of Summit Therapeutics by 2.7% in the fourth quarter. Levin Capital Strategies L.P. now owns 37,676 shares of the company's stock valued at $659,000 after purchasing an additional 1,000 shares in the last quarter. Cerity Partners LLC raised its stake in shares of Summit Therapeutics by 1.0% in the second quarter. Cerity Partners LLC now owns 114,844 shares of the company's stock valued at $2,444,000 after purchasing an additional 1,190 shares in the last quarter. Finally, Creative Planning raised its stake in shares of Summit Therapeutics by 6.7% in the second quarter. Creative Planning now owns 21,390 shares of the company's stock valued at $455,000 after purchasing an additional 1,336 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Price Performance

Shares of NASDAQ:SMMT opened at $14.01 on Friday. The business's fifty day moving average price is $18.55 and its two-hundred day moving average price is $17.35. Summit Therapeutics PLC has a fifty-two week low of $12.55 and a fifty-two week high of $30.98. The stock has a market capitalization of $10.87 billion, a price-to-earnings ratio of -8.76 and a beta of -1.32.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings results on Friday, May 1st. The company reported ($0.24) earnings per share for the quarter, beating analysts' consensus estimates of ($0.27) by $0.03. Research analysts expect that Summit Therapeutics PLC will post -1.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SMMT has been the subject of a number of recent research reports. Stifel Nicolaus initiated coverage on Summit Therapeutics in a research note on Wednesday, April 8th. They issued a "buy" rating and a $45.00 target price for the company. Citigroup assumed coverage on Summit Therapeutics in a research note on Wednesday, April 8th. They issued a "buy" rating for the company. HC Wainwright cut Summit Therapeutics from a "buy" rating to a "neutral" rating in a research report on Friday, May 22nd. Wall Street Zen cut Summit Therapeutics from a "hold" rating to a "sell" rating in a research report on Monday, May 18th. Finally, Zacks Research upgraded Summit Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $27.23.

Insider Buying and Selling at Summit Therapeutics

In other Summit Therapeutics news, CEO Mahkam Zanganeh bought 3,810,000 shares of the firm's stock in a transaction dated Friday, June 12th. The shares were bought at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the completion of the acquisition, the chief executive officer owned 573,883,879 shares of the company's stock, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Manmeet Singh Soni bought 50,000 shares of the firm's stock in a transaction dated Thursday, June 4th. The shares were acquired at an average price of $14.45 per share, for a total transaction of $722,500.00. Following the acquisition, the chief financial officer directly owned 3,123,603 shares of the company's stock, valued at approximately $45,136,063.35. The trade was a 1.63% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 7,870,000 shares of company stock worth $103,616,900 over the last three months. Company insiders own 83.50% of the company's stock.

Summit Therapeutics Company Profile

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit's lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.