Voya Investment Management LLC Lowers Stock Position in 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 cut its position in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 13.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 222,351 shares of the company's stock after selling 34,041 shares during the period. Voya Investment Management LLC's holdings in Summit Therapeutics were worth $4,289,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SMMT. Golden State Wealth Management LLC increased its position in Summit Therapeutics by 100.0% during the first 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 during the last quarter. CWM LLC raised its position in Summit Therapeutics by 3,455.3% in the 1st quarter. CWM LLC now owns 1,671 shares of the company's stock valued at $32,000 after purchasing an additional 1,624 shares during the last quarter. AlphaQuest LLC acquired a new position in Summit Therapeutics in the 1st quarter valued at $49,000. Fifth Third Bancorp increased its holdings in shares of Summit Therapeutics by 1,400.0% in the 1st 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 in the last quarter. Finally, Exchange Traded Concepts LLC increased its holdings in shares of Summit Therapeutics by 11.4% in the 1st quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company's stock valued at $122,000 after purchasing an additional 647 shares in the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Trading Down 1.8%

Shares of Summit Therapeutics stock opened at $18.89 on Friday. The company's 50-day moving average price is $24.89 and its two-hundred day moving average price is $23.11. The stock has a market cap of $14.03 billion, a PE ratio of -18.70 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.

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

Analyst Ratings Changes

Several equities research analysts have issued reports on SMMT shares. Leerink Partners started coverage on shares of Summit Therapeutics in a research note on Wednesday, June 11th. They set an "underperform" rating and a $12.00 price target on the stock. UBS Group assumed coverage on shares of Summit Therapeutics in a research note on Tuesday, July 1st. They set a "buy" rating and a $30.00 price objective on the stock. JMP Securities reissued a "market outperform" rating and set a $40.00 price target on shares of Summit Therapeutics in a research report on Wednesday, September 3rd. Barclays started coverage on shares of Summit Therapeutics in a research report on Wednesday. They set an "underweight" rating and a $13.00 price target for the company. Finally, Zacks Research downgraded shares of Summit Therapeutics from a "hold" rating to a "strong sell" rating in a report on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $31.87.

Insider Buying and Selling

In related news, CEO Robert W. Duggan bought 5,000 shares of the firm's stock in a transaction on Thursday, September 11th. The stock was purchased at an average price of $18.07 per share, with a total value of $90,350.00. Following the completion of the transaction, the chief executive officer directly owned 556,093,090 shares of the company's stock, valued at $10,048,602,136.30. This trade represents a 0.00% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mahkam Zanganeh purchased 5,000 shares of the business's stock in a transaction dated Thursday, September 11th. The shares were acquired at an average price of $18.07 per share, with a total value of $90,350.00. Following the completion of the acquisition, the chief executive officer owned 556,093,090 shares of the company's stock, valued at approximately $10,048,602,136.30. The trade was a 0.00% increase in their ownership of the stock. 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 ninety days. Company insiders own 84.90% of the company's stock.

About Summit Therapeutics

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.

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