Wealth Management Partners LLC Sells 20,671 Shares of Summit Therapeutics PLC $SMMT

Key Points

• Wealth Management Partners LLC reduced its stake in Summit Therapeutics PLC by 21.5% in Q2, owning 75,612 shares valued at $1.71 million after selling 20,671 shares.
• Multiple institutional investors have been active, with Rockland Trust Co. purchasing a new stake worth $8.51 million and Bank of America increasing its holdings by 10.5%.
• Summit Therapeutics reported a miss on earnings with a loss of ($0.76) per share, significantly below analysts' estimates of ($0.10).

Wealth Management Partners LLC lowered its position in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 21.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 75,612 shares of the company's stock after selling 20,671 shares during the quarter. Wealth Management Partners LLC's holdings in Summit Therapeutics were worth $1,710,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of SMMT. Siren L.L.C. acquired a new position in Summit Therapeutics during the first quarter valued at approximately $13,407,000. Adage Capital Partners GP L.L.C. acquired a new position in Summit Therapeutics during the first quarter valued at approximately $10,378,000. Cutter Capital Management LP acquired a new position in Summit Therapeutics during the first quarter valued at approximately $7,716,000. Rockland Trust Co. acquired a new position in Summit Therapeutics during the second quarter valued at approximately $8,512,000. Finally, Nuveen LLC bought a new position in Summit Therapeutics in the first quarter valued at approximately $4,550,000. Institutional investors and hedge funds own 4.61% of the company's stock.

Insider Buying and Selling at Summit Therapeutics

In other Summit Therapeutics news, CEO Robert W. Duggan purchased 5,000 shares of the business's stock in a transaction on Thursday, September 11th. The stock was acquired at an average price of $18.07 per share, with a total value of $90,350.00. Following the acquisition, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Mahkam Zanganeh purchased 5,000 shares of the business's stock in a transaction on Thursday, September 11th. The shares were acquired at an average cost of $18.07 per share, with a total value of $90,350.00. Following the acquisition, the chief executive officer directly owned 556,093,090 shares in the company, 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 a total of 676,788 shares of company stock valued at $11,969,512 in the last ninety days. Insiders own 84.90% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Leerink Partnrs raised shares of Summit Therapeutics to a "strong sell" rating in a research report on Wednesday, June 11th. Guggenheim started coverage on shares of Summit Therapeutics in a research report on Wednesday, September 3rd. They set a "buy" rating and a $40.00 price objective for the company. 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 price objective on the stock. Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a report on Monday, September 8th. Finally, Wall Street Zen downgraded shares of Summit Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, August 16th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, Summit Therapeutics has a consensus rating of "Moderate Buy" and an average target price of $31.87.

Summit Therapeutics Stock Up 1.1%

Shares of NASDAQ:SMMT traded up $0.21 during midday trading on Monday, hitting $19.10. The stock had a trading volume of 3,718,478 shares, compared to its average volume of 3,841,892. Summit Therapeutics PLC has a 12 month low of $15.55 and a 12 month high of $36.91. The business's 50-day simple moving average is $24.76 and its 200-day simple moving average is $23.17. The company has a market cap of $14.19 billion, a P/E ratio of -18.91 and a beta of -1.02.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings results 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). As a group, equities analysts predict that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

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.