Trivest Advisors Ltd Invests $907,000 in Summit Therapeutics PLC (NASDAQ:SMMT)

Key Points

• Trivest Advisors Ltd has acquired a new position in Summit Therapeutics PLC, purchasing 47,000 shares valued at approximately $907,000, which represents about 0.1% of its portfolio.
• Major investors such as Price T Rowe Associates and Vanguard Group have also increased their stakes in Summit Therapeutics recently, reflecting growing institutional interest in the company.
• Summit Therapeutics has seen its stock rated as a "strong-buy" by TD Cowen, with a target price range as high as $44.00 from Jefferies Financial Group, indicating significant analyst optimism.

Trivest Advisors Ltd acquired a new position in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 47,000 shares of the company's stock, valued at approximately $907,000. Summit Therapeutics makes up about 0.1% of Trivest Advisors Ltd's investment portfolio, making the stock its 21st biggest position.

A number of other institutional investors have also made changes to their positions in SMMT. Price T Rowe Associates Inc. MD increased its holdings in Summit Therapeutics by 20.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company's stock worth $116,995,000 after buying an additional 1,118,270 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Summit Therapeutics by 6.6% in the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock valued at $208,261,000 after acquiring an additional 724,040 shares in the last quarter. Pictet Asset Management Holding SA grew its stake in shares of Summit Therapeutics by 100.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock valued at $24,755,000 after acquiring an additional 695,843 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in Summit Therapeutics during the fourth quarter worth about $8,801,000. Finally, Invesco Ltd. grew its stake in Summit Therapeutics by 435.7% during the fourth quarter. Invesco Ltd. now owns 399,050 shares of the company's stock worth $7,121,000 after buying an additional 324,555 shares in the last quarter. Institutional investors own 4.61% of the company's stock.

Summit Therapeutics Price Performance

SMMT stock traded up $0.69 during mid-day trading on Friday, reaching $27.06. 1,477,400 shares of the company traded hands, compared to its average volume of 3,670,971. Summit Therapeutics PLC has a 52-week low of $8.88 and a 52-week high of $36.91. The company has a market capitalization of $20.10 billion, a P/E ratio of -79.75 and a beta of -1.01. The company has a fifty day moving average price of $23.32 and a 200-day moving average price of $22.25.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.01. As a group, analysts forecast that Summit Therapeutics PLC will post -0.3 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. UBS Group started coverage on shares of Summit Therapeutics in a report on Tuesday, July 1st. They issued a "buy" rating and a $30.00 target price for the company. Leerink Partnrs raised shares of Summit Therapeutics to a "strong sell" rating in a research report on Wednesday, June 11th. Wall Street Zen raised shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Sunday, June 29th. TD Cowen raised shares of Summit Therapeutics to a "strong-buy" rating in a report on Thursday, May 8th. Finally, Jefferies Financial Group set a $44.00 target price on Summit Therapeutics and gave the stock a "buy" rating in a research note on Friday, April 25th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $34.67.

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.