Voya Investment Management LLC Sells 34,041 Shares of Summit Therapeutics PLC $SMMT

Key Points

• Voya Investment Management LLC has reduced its stake in Summit Therapeutics PLC by 13.3%, now holding 222,351 shares valued at $4.29 million.
• Despite Voya's cut, several institutional investors, including Fifth Third Bancorp and CWM LLC, have significantly increased their positions in Summit Therapeutics.
• Summit Therapeutics reported a loss of ($0.76) earnings per share, missing analysts' estimates, while the stock is currently trading at $18.89 with a market cap of $14.03 billion.

Voya Investment Management LLC reduced its position in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 13.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 222,351 shares of the company's stock after selling 34,041 shares during the quarter. Voya Investment Management LLC's holdings in Summit Therapeutics were worth $4,289,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC raised its stake in shares of Summit Therapeutics by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after purchasing an additional 751 shares in the last quarter. CWM LLC increased its position in Summit Therapeutics by 3,455.3% during the first 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 period. AlphaQuest LLC bought a new stake in shares of Summit Therapeutics in the first quarter valued at about $49,000. Fifth Third Bancorp increased its position 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 purchasing an additional 2,800 shares during the period. Finally, Exchange Traded Concepts LLC boosted its stake in Summit Therapeutics by 11.4% during the first quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company's stock worth $122,000 after buying an additional 647 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company's stock.

Insiders Place Their Bets

In other news, CEO Robert W. Duggan bought 333,394 shares of the company's stock in a transaction dated Wednesday, September 10th. The shares were purchased at an average price of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the purchase, the chief executive officer owned 556,088,090 shares in the company, valued at approximately $9,831,637,431.20. This represents a 0.06% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Mahkam Zanganeh bought 333,394 shares of the company's stock in a transaction on Wednesday, September 10th. The stock was purchased at an average cost of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the transaction, the chief executive officer directly owned 556,088,090 shares of the company's stock, valued at approximately $9,831,637,431.20. The trade was a 0.06% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 676,788 shares of company stock valued at $11,969,512 in the last quarter. 84.90% of the stock is owned by company insiders.

Summit Therapeutics Stock Up 0.2%

Shares of Summit Therapeutics stock traded up $0.04 during trading on Tuesday, hitting $19.14. 376,738 shares of the stock traded hands, compared to its average volume of 3,821,874. The stock has a market cap of $14.22 billion, a price-to-earnings ratio of -19.03 and a beta of -1.02. Summit Therapeutics PLC has a 52 week low of $15.55 and a 52 week high of $36.91. The firm's fifty day moving average is $24.76 and its 200-day moving average is $23.17.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.66). On average, analysts forecast that Summit Therapeutics PLC will post -0.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SMMT has been the subject of a number of recent analyst reports. UBS Group assumed coverage on shares of Summit Therapeutics in a research report on Tuesday, July 1st. They set a "buy" rating and a $30.00 target price for the company. Evercore ISI lifted their target price on shares of Summit Therapeutics from $30.00 to $34.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Piper Sandler started coverage on Summit Therapeutics in a research note on Monday, August 18th. They set a "neutral" rating and a $21.00 price objective on the stock. JMP Securities reiterated a "market outperform" rating and set a $40.00 target price on shares of Summit Therapeutics in a report on Wednesday, September 3rd. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $50.00 target price on shares of Summit Therapeutics in a research report on Tuesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $31.87.

Summit Therapeutics Company 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.