Summit Therapeutics PLC $SMMT Shares Sold by Wealth Management Partners LLC

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 reduced its position in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 21.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SMMT. Ameriprise Financial Inc. bought a new stake in Summit Therapeutics in the fourth quarter valued at about $406,000. Bank of America Corp DE increased its holdings in Summit Therapeutics by 10.5% in the fourth quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock valued at $7,701,000 after buying an additional 40,908 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Summit Therapeutics by 24.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,717 shares of the company's stock valued at $1,155,000 after buying an additional 12,546 shares during the last quarter. Man Group plc increased its holdings in Summit Therapeutics by 43.6% in the fourth quarter. Man Group plc now owns 16,675 shares of the company's stock valued at $298,000 after buying an additional 5,065 shares during the last quarter. Finally, Toronto Dominion Bank bought a new stake in Summit Therapeutics in the fourth quarter valued at about $446,000. 4.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on SMMT. UBS Group began coverage on Summit Therapeutics in a report on Tuesday, July 1st. They set a "buy" rating and a $30.00 target price for the company. Piper Sandler began coverage on Summit Therapeutics in a report on Monday, August 18th. They set a "neutral" rating and a $21.00 target price for the company. Barclays began coverage on Summit Therapeutics in a report on Wednesday, September 17th. They set an "underweight" rating and a $13.00 target price for the company. Summit Redstone set a $13.00 target price on Summit Therapeutics in a report on Tuesday, September 16th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $40.00 target price on shares of Summit Therapeutics in a report on Wednesday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, Summit Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.87.

Summit Therapeutics Price Performance

SMMT stock traded down $0.03 on Tuesday, reaching $19.08. The company's stock had a trading volume of 1,726,157 shares, compared to its average volume of 3,829,777. Summit Therapeutics PLC has a 52 week low of $15.55 and a 52 week high of $36.91. The company has a market capitalization of $14.17 billion, a P/E ratio of -18.91 and a beta of -1.02. The firm has a fifty day moving average of $24.76 and a two-hundred day moving average of $23.17.

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

Insider Buying and Selling

In other Summit Therapeutics news, CEO Robert W. Duggan acquired 333,394 shares of the firm's stock in a transaction that occurred on Wednesday, September 10th. The stock was acquired at an average cost of $17.68 per share, with a total value of $5,894,405.92. Following the acquisition, the chief executive officer directly owned 556,088,090 shares of the company's stock, valued at $9,831,637,431.20. This represents a 0.06% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mahkam Zanganeh acquired 333,394 shares of the firm's stock in a transaction that occurred on Wednesday, September 10th. The stock was acquired at an average cost of $17.68 per share, with a total value of $5,894,405.92. Following the completion of the acquisition, the chief executive officer directly owned 556,088,090 shares in the company, valued at approximately $9,831,637,431.20. This represents a 0.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 676,788 shares of company stock valued at $11,969,512 over the last three months. Corporate insiders own 84.90% of the company's stock.

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.