Tema Etfs LLC Has $1.89 Million Stock Position in Summit Therapeutics PLC $SMMT

Key Points

• Tema Etfs LLC increased its holdings in Summit Therapeutics PLC by 268.3%, owning a total of 98,111 shares worth approximately $1,893,000 after acquiring an additional 71,470 shares in the first quarter.
• The company has recently received various price target adjustments from analysts, with HC Wainwright raising its target from $44.00 to $50.00 and maintaining a "buy" rating.
• Summit Therapeutics reported a quarterly loss of ($0.76) EPS, missing analysts' expectations, and is projected to post -0.3 earnings per share for the current year.

Tema Etfs LLC grew its stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 268.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 98,111 shares of the company's stock after buying an additional 71,470 shares during the quarter. Tema Etfs LLC's holdings in Summit Therapeutics were worth $1,893,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Golden State Wealth Management LLC grew its stake in shares of Summit Therapeutics by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after buying an additional 751 shares during the last quarter. CWM LLC grew its stake in shares of Summit Therapeutics by 3,455.3% during the first quarter. CWM LLC now owns 1,671 shares of the company's stock worth $32,000 after buying an additional 1,624 shares during the last quarter. AlphaQuest LLC bought a new stake in shares of Summit Therapeutics during the first quarter worth $49,000. Fifth Third Bancorp grew its stake in shares of Summit Therapeutics by 1,400.0% during the first quarter. Fifth Third Bancorp now owns 3,000 shares of the company's stock worth $58,000 after buying an additional 2,800 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its stake in shares of Summit Therapeutics by 11.4% during the first quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company's stock worth $122,000 after buying an additional 647 shares during the last quarter. Institutional investors own 4.61% of the company's stock.

Analyst Upgrades and Downgrades

SMMT has been the topic of several analyst reports. Evercore ISI boosted their price objective on shares of Summit Therapeutics from $30.00 to $34.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. Zacks Research cut shares of Summit Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 14th. JMP Securities reissued a "market outperform" rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, August 19th. HC Wainwright boosted their price objective on shares of Summit Therapeutics from $44.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Piper Sandler initiated coverage on shares of Summit Therapeutics in a research note on Monday, August 18th. They issued a "neutral" rating and a $21.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $33.31.

Summit Therapeutics Trading Down 2.9%

SMMT stock traded down $0.72 during midday trading on Friday, hitting $23.70. The stock had a trading volume of 2,542,757 shares, compared to its average volume of 3,188,800. The firm has a market cap of $17.61 billion, a P/E ratio of -23.47 and a beta of -1.06. Summit Therapeutics PLC has a 1-year low of $11.76 and a 1-year high of $36.91. The business has a fifty day moving average price of $25.53 and a two-hundred day moving average price of $23.12.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its earnings results on Monday, August 11th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.66). On average, equities analysts anticipate that Summit Therapeutics PLC will post -0.3 EPS for the current year.

About Summit Therapeutics

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.