Summit Therapeutics PLC $SMMT Shares Sold by Aberdeen Group plc

Key Points

• Aberdeen Group plc reduced its stake in Summit Therapeutics PLC by 5.1%, owning approximately 0.15% of the company valued at $24.25 million after selling 61,280 shares in Q2.
• Insiders, including CEO Mahkam Zanganeh and Robert W. Duggan, purchased a total of 10,000 shares at $18.07 each, maintaining significant ownership of 84.90% of the company's stock.
• The company reported a Q2 earnings per share of ($0.76), significantly missing the consensus estimate of ($0.10), with analysts projecting an average target price of $31.29 for the stock.

Aberdeen Group plc trimmed its stake in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 5.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,139,530 shares of the company's stock after selling 61,280 shares during the quarter. Aberdeen Group plc owned approximately 0.15% of Summit Therapeutics worth $24,249,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SMMT. Golden State Wealth Management LLC grew its holdings in shares of Summit Therapeutics by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after acquiring an additional 751 shares during the last quarter. CWM LLC grew its holdings in shares of Summit Therapeutics by 3,455.3% in the 1st quarter. CWM LLC now owns 1,671 shares of the company's stock worth $32,000 after acquiring an additional 1,624 shares during the last quarter. AlphaQuest LLC acquired a new position in shares of Summit Therapeutics in the 1st quarter worth $49,000. Fifth Third Bancorp grew its holdings 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 valued at $58,000 after buying an additional 2,800 shares in the last quarter. Finally, IFP Advisors Inc grew its holdings in shares of Summit Therapeutics by 4,264.0% during the second quarter. IFP Advisors Inc now owns 4,364 shares of the company's stock valued at $93,000 after buying an additional 4,264 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Summit Therapeutics

In related news, CEO Mahkam Zanganeh purchased 5,000 shares of Summit Therapeutics stock in a transaction on Thursday, September 11th. The stock was bought at an average price of $18.07 per share, with a total value of $90,350.00. Following the completion of the transaction, the chief executive officer directly owned 556,093,090 shares of the company's stock, valued at approximately $10,048,602,136.30. This represents a 0.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert W. Duggan purchased 5,000 shares of Summit Therapeutics stock in a transaction on Thursday, September 11th. The stock was bought at an average cost of $18.07 per share, with a total value of $90,350.00. Following the transaction, the chief executive officer directly owned 556,093,090 shares of the company's stock, valued at approximately $10,048,602,136.30. The trade was a 0.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 676,788 shares of company stock valued at $11,969,512 in the last ninety days. Insiders own 84.90% of the company's stock.

Analyst Upgrades and Downgrades

SMMT has been the topic of a number of research analyst reports. Piper Sandler initiated coverage on Summit Therapeutics in a report on Monday, August 18th. They set a "neutral" rating and a $21.00 price target on the stock. Zacks Research downgraded Summit Therapeutics from a "hold" rating to a "strong sell" rating in a report on Thursday, August 14th. JMP Securities reiterated a "market outperform" rating and set a $40.00 price target on shares of Summit Therapeutics in a report on Wednesday, September 3rd. Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a report on Monday, September 8th. Finally, Summit Redstone set a $13.00 price target on Summit Therapeutics in a report on Tuesday, September 16th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has given a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $31.29.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock opened at $22.93 on Tuesday. The firm has a market cap of $17.03 billion, a price-to-earnings ratio of -22.70 and a beta of -1.13. Summit Therapeutics PLC has a 52-week low of $15.55 and a 52-week high of $36.91. The stock has a 50-day simple moving average of $23.02 and a 200-day simple moving average of $23.33.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly 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). As a group, equities research analysts predict that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

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.

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