Fifth Third Bancorp Grows Stock Holdings in Summit Therapeutics PLC (NASDAQ:SMMT)

Fifth Third Bancorp increased its stake in Summit Therapeutics PLC (NASDAQ:SMMT) by 1,400.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,000 shares of the company’s stock after purchasing an additional 2,800 shares during the quarter. Fifth Third Bancorp’s holdings in Summit Therapeutics were worth $58,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. National Bank of Canada FI purchased a new position in shares of Summit Therapeutics in the fourth quarter valued at $30,000. Steward Partners Investment Advisory LLC grew its holdings in Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after buying an additional 900 shares in the last quarter. Rakuten Securities Inc. purchased a new position in Summit Therapeutics during the 4th quarter valued at about $71,000. Summit Investment Advisors Inc. grew its holdings in Summit Therapeutics by 12.2% during the 4th quarter. Summit Investment Advisors Inc. now owns 9,621 shares of the company’s stock valued at $172,000 after buying an additional 1,044 shares in the last quarter. Finally, Verus Capital Partners LLC purchased a new position in Summit Therapeutics during the fourth quarter valued at approximately $182,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on SMMT shares. Evercore ISI started coverage on shares of Summit Therapeutics in a research note on Wednesday, March 12th. They set an “outperform” rating and a $30.00 price objective for the company. Citigroup upgraded shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and boosted their price target for the company from $23.00 to $35.00 in a research report on Wednesday, March 26th. Wall Street Zen lowered shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday. The Goldman Sachs Group boosted their price target on shares of Summit Therapeutics from $37.00 to $41.00 and gave the company a “buy” rating in a research report on Friday, May 2nd. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. Three research analysts have rated the stock with a sell rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $35.09.

Summit Therapeutics Trading Up 2.0%

SMMT opened at $20.56 on Friday. The stock has a 50-day moving average price of $23.76 and a 200-day moving average price of $20.96. Summit Therapeutics PLC has a 12-month low of $6.78 and a 12-month high of $36.91. The stock has a market capitalization of $15.27 billion, a P/E ratio of -60.47 and a beta of -1.06.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.01. On average, equities research analysts predict that Summit Therapeutics PLC will post -0.3 EPS for the current year.

Summit Therapeutics 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.