Summit Therapeutics PLC $SMMT Stock Position Boosted by Bank of America Corp DE

Bank of America Corp DE raised its stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 25.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 598,692 shares of the company's stock after buying an additional 121,299 shares during the period. Bank of America Corp DE owned approximately 0.08% of Summit Therapeutics worth $11,351,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the stock. Ball & Co Wealth Management Inc. bought a new position in shares of Summit Therapeutics in the first quarter valued at approximately $28,000. Kestra Advisory Services LLC bought a new stake in Summit Therapeutics during the fourth quarter worth approximately $28,000. Parallel Advisors LLC acquired a new stake in Summit Therapeutics in the third quarter worth approximately $39,000. T. Rowe Price Investment Management Inc. lifted its position in Summit Therapeutics by 2,654.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company's stock worth $33,000 after purchasing an additional 1,805 shares during the period. Finally, Truvestments Capital LLC boosted its stake in Summit Therapeutics by 200.2% during the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company's stock valued at $46,000 after purchasing an additional 1,736 shares in the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Stock Performance

Summit Therapeutics stock opened at $13.16 on Friday. Summit Therapeutics PLC has a 52 week low of $12.07 and a 52 week high of $30.05. The firm has a market capitalization of $10.50 billion, a price-to-earnings ratio of -11.75 and a beta of -1.23. The company has a 50 day moving average price of $14.15 and a 200 day moving average price of $16.18.

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

Analysts Set New Price Targets

A number of research firms recently issued reports on SMMT. Stifel Nicolaus lowered their target price on Summit Therapeutics from $45.00 to $38.00 and set a "buy" rating on the stock in a report on Friday, July 24th. Sanford C. Bernstein assumed coverage on shares of Summit Therapeutics in a research report on Thursday, May 21st. They set an "underperform" rating and a $7.70 price objective for the company. HC Wainwright reiterated a "neutral" rating on shares of Summit Therapeutics in a report on Tuesday, August 18th. Cantor Fitzgerald restated an "overweight" rating on shares of Summit Therapeutics in a report on Friday, July 24th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Summit Therapeutics in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $24.25.

Insider Transactions at Summit Therapeutics

In other news, CFO Manmeet Singh Soni bought 50,000 shares of the business's stock in a transaction on Thursday, June 4th. The stock was purchased at an average price of $14.45 per share, with a total value of $722,500.00. Following the transaction, the chief financial officer directly owned 3,123,603 shares in the company, valued at approximately $45,136,063.35. The trade was a 1.63% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Robert W. Duggan acquired 3,810,000 shares of the business'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 transaction, the chief executive officer directly owned 573,883,879 shares in the company, valued at $7,529,356,492.48. The trade was a 0.67% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders bought 7,870,000 shares of company stock worth $103,616,900. 83.50% of the stock is owned by insiders.

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.

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