Summit Therapeutics PLC $SMMT Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its stake in Summit Therapeutics by 13.7% in Q4, selling 220,388 shares and finishing with 1,383,775 shares (about 0.18% of the company) valued at $24.38 million.
• Institutional activity: Vanguard raised its stake 31.2% to 11,379,728 shares (~$235.1M), and overall institutional/hedge fund ownership is reported at 4.61%.
• Financials and analyst view: SMMT missed quarterly EPS estimates with a ($0.29) print, has a $16.65 billion market cap, and carries a consensus "Moderate Buy" with an average target of $31 amid mixed analyst ratings (including a Jefferies cut to $15).

Pictet Asset Management Holding SA decreased its holdings in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 13.7% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 1,383,775 shares of the company's stock after selling 220,388 shares during the period. Pictet Asset Management Holding SA owned approximately 0.18% of Summit Therapeutics worth $24,382,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Summit Therapeutics by 31.2% during the third quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company's stock worth $235,105,000 after buying an additional 2,706,056 shares during the period. APEIRON CAPITAL Ltd raised its stake in shares of Summit Therapeutics by 9.2% in the 3rd quarter. APEIRON CAPITAL Ltd now owns 1,310,941 shares of the company's stock valued at $27,084,000 after acquiring an additional 110,000 shares during the period. Bank of America Corp DE raised its stake in shares of Summit Therapeutics by 16.1% in the 3rd quarter. Bank of America Corp DE now owns 657,313 shares of the company's stock valued at $13,580,000 after acquiring an additional 91,166 shares during the period. TD Asset Management Inc lifted its holdings in shares of Summit Therapeutics by 11.1% during the 3rd quarter. TD Asset Management Inc now owns 537,530 shares of the company's stock valued at $11,105,000 after acquiring an additional 53,520 shares in the last quarter. Finally, Barclays PLC lifted its holdings in shares of Summit Therapeutics by 51.6% during the 3rd quarter. Barclays PLC now owns 475,777 shares of the company's stock valued at $9,830,000 after acquiring an additional 161,953 shares in the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Price Performance

SMMT stock opened at $21.46 on Friday. The firm has a market cap of $16.65 billion, a price-to-earnings ratio of -14.80 and a beta of -1.36. Summit Therapeutics PLC has a 1-year low of $13.83 and a 1-year high of $30.98. The firm has a fifty day moving average price of $18.43 and a two-hundred day moving average price of $17.87.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its quarterly earnings results on Monday, February 23rd. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.07). As a group, analysts expect that Summit Therapeutics PLC will post -1.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SMMT. Jefferies Financial Group downgraded Summit Therapeutics from a "buy" rating to a "hold" rating and lowered their price target for the company from $42.00 to $15.00 in a report on Monday, March 16th. Truist Financial upgraded Summit Therapeutics to a "strong-buy" rating in a research note on Wednesday, March 25th. Citigroup began coverage on Summit Therapeutics in a research note on Wednesday, April 8th. They issued a "buy" rating for the company. Piper Sandler set a $40.00 target price on Summit Therapeutics in a report on Wednesday, January 14th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Summit Therapeutics in a research report on Tuesday, April 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $31.00.

About Summit Therapeutics

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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