Tudor Investment Corp ET AL Takes $7.17 Million Position in Summit Therapeutics PLC $SMMT

Key Points

• Tudor Investment Corp. bought a new stake of 347,241 shares in Summit Therapeutics (NASDAQ:SMMT) in Q3, valued at about $7.17 million.
• Several large institutions also added or opened positions — Vanguard increased its holding by ~2.706 million shares to 11,379,728 shares (~$235.1M), and Capricorn Fund Managers opened a new position worth roughly $10.25M.
• Wall Street has a "Moderate Buy" consensus with an average target of $29.83; Summit missed Q earnings (EPS -$0.29 vs. -$0.22 est.) and is forecast to post about -0.3 EPS for the year.

Tudor Investment Corp ET AL purchased a new stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 347,241 shares of the company's stock, valued at approximately $7,174,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Summit Therapeutics by 31.2% during the third quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company's stock valued at $235,105,000 after acquiring an additional 2,706,056 shares in the last quarter. APEIRON CAPITAL Ltd raised its stake in shares of Summit Therapeutics by 9.2% during the third 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 in the last quarter. Bank of America Corp DE raised its stake in shares of Summit Therapeutics by 16.1% during the third 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 in the last quarter. TD Asset Management Inc raised its stake in Summit Therapeutics by 11.1% in the third quarter. TD Asset Management Inc now owns 537,530 shares of the company's stock worth $11,105,000 after buying an additional 53,520 shares in the last quarter. Finally, Capricorn Fund Managers Ltd bought a new position in Summit Therapeutics in the third quarter worth approximately $10,253,000. Institutional investors own 4.61% of the company's stock.

Wall Street Analysts Forecast Growth

SMMT has been the subject of a number of recent research reports. Summit Redstone set a $18.00 price objective on shares of Summit Therapeutics in a research note on Wednesday, December 17th. Jefferies Financial Group downgraded shares of Summit Therapeutics from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $42.00 to $15.00 in a research note on Monday, March 16th. Barclays raised shares of Summit Therapeutics from an "underweight" rating to an "equal weight" rating and boosted their price objective for the stock from $16.00 to $18.00 in a research note on Wednesday, December 17th. Truist Financial raised shares of Summit Therapeutics to a "strong-buy" rating in a research note on Wednesday, March 25th. Finally, HC Wainwright cut their price target on shares of Summit Therapeutics from $40.00 to $30.00 and set a "buy" rating on the stock in a report on Tuesday, February 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Summit Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $29.83.

Summit Therapeutics Price Performance

Shares of SMMT opened at $19.22 on Wednesday. The firm has a market capitalization of $14.90 billion, a PE ratio of -13.26 and a beta of -1.36. Summit Therapeutics PLC has a 1-year low of $13.83 and a 1-year high of $36.91. The company's fifty day moving average price is $16.02 and its 200-day moving average price is $17.70.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings data on Monday, February 23rd. The company reported ($0.29) earnings per share for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.07). As a group, research analysts anticipate that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal year.

Summit Therapeutics 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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