Summit Therapeutics PLC $SMMT Shares Bought by Wellington Management Group LLP

Key Points

• Wellington Management increased its Summit Therapeutics stake by 21.8% in the second quarter, purchasing 79,076 additional shares and bringing its holdings to 441,934 shares valued at approximately $6.4 million.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $24.82. Recent analysts upgraded the stock to “market perform” or maintained positive ratings, while Weiss Ratings reiterated a sell rating.
• Summit insiders hold 83.5% of the company, and two CEOs each bought 3.81 million shares at $13.12 per share in June. The stock recently opened at $17.28 and has a one-year trading range of $12.07 to $29.23.

Wellington Management Group LLP increased its stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 21.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 441,934 shares of the company's stock after purchasing an additional 79,076 shares during the quarter. Wellington Management Group LLP owned approximately 0.06% of Summit Therapeutics worth $6,439,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of SMMT. Baker BROS. Advisors LP grew its holdings in shares of Summit Therapeutics by 7.9% during the fourth quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company's stock worth $636,480,000 after buying an additional 2,668,089 shares in the last quarter. BlackRock Inc. purchased a new position in shares of Summit Therapeutics during the second quarter valued at approximately $138,838,000. Price T Rowe Associates Inc. MD boosted its position in Summit Therapeutics by 106.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company's stock worth $163,907,000 after acquiring an additional 4,832,592 shares during the last quarter. State Street Corp boosted its position in Summit Therapeutics by 4.3% during the fourth quarter. State Street Corp now owns 6,636,361 shares of the company's stock worth $116,070,000 after acquiring an additional 274,425 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Summit Therapeutics by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 3,147,480 shares of the company's stock worth $55,063,000 after acquiring an additional 14,745 shares during the period. 4.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Sanford C. Bernstein upgraded Summit Therapeutics from an "underperform" rating to a "market perform" rating and boosted their price target for the company from $9.80 to $11.90 in a report on Tuesday, August 25th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Summit Therapeutics in a research report on Tuesday, September 1st. Summit Redstone set a $11.90 target price on Summit Therapeutics in a research note on Tuesday, August 25th. Leerink Partners raised Summit Therapeutics from an "underperform" rating to a "market perform" rating and raised their price target for the stock from $12.00 to $13.00 in a research note on Wednesday, August 12th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Summit Therapeutics in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Summit Therapeutics currently has a consensus rating of "Hold" and an average price target of $24.82.

Insider Buying and Selling at Summit Therapeutics

In other Summit Therapeutics news, CEO Robert Duggan bought 3,810,000 shares of Summit Therapeutics stock in a transaction that occurred on Friday, June 12th. The shares were acquired at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the acquisition, the chief executive officer owned 573,883,879 shares of the company's stock, valued at $7,529,356,492.48. The trade was a 0.67% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Mahkam Zanganeh purchased 3,810,000 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The shares were acquired at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the transaction, the chief executive officer owned 573,883,879 shares in the company, valued at $7,529,356,492.48. This trade represents a 0.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 83.50% of the company's stock.

Summit Therapeutics Stock Performance

Shares of NASDAQ:SMMT opened at $17.28 on Wednesday. The stock has a 50-day simple moving average of $14.36 and a 200-day simple moving average of $16.20. The stock has a market capitalization of $13.79 billion, a P/E ratio of -15.43 and a beta of -1.24. Summit Therapeutics PLC has a 1 year low of $12.07 and a 1 year high of $29.23.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of ($0.27) by ($0.01). Analysts predict that Summit Therapeutics PLC will post -1.2 earnings per share for the current year.

Summit Therapeutics 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.

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