Principal Financial Group Inc. Has $4.75 Million Stock Holdings in Summit Therapeutics PLC (NASDAQ:SMMT)

Principal Financial Group Inc. boosted its holdings in shares of Summit Therapeutics PLC (NASDAQ:SMMT) by 20.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 246,429 shares of the company’s stock after buying an additional 41,279 shares during the period. Principal Financial Group Inc.’s holdings in Summit Therapeutics were worth $4,754,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in SMMT. Wells Fargo & Company MN grew its position in Summit Therapeutics by 79.2% during the fourth quarter. Wells Fargo & Company MN now owns 95,265 shares of the company’s stock valued at $1,700,000 after buying an additional 42,090 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Summit Therapeutics by 358.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company’s stock valued at $3,664,000 after buying an additional 160,592 shares during the period. Bank of America Corp DE boosted its holdings in Summit Therapeutics by 10.5% in the 4th quarter. Bank of America Corp DE now owns 431,568 shares of the company’s stock valued at $7,701,000 after purchasing an additional 40,908 shares during the period. Vanguard Group Inc. increased its stake in Summit Therapeutics by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company’s stock worth $208,261,000 after acquiring an additional 724,040 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new position in shares of Summit Therapeutics in the 4th quarter worth $8,801,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Stock Down 2.3%

SMMT opened at $27.63 on Friday. The stock has a market cap of $20.52 billion, a P/E ratio of -81.26 and a beta of -1.01. Summit Therapeutics PLC has a 52-week low of $8.71 and a 52-week high of $36.91. The business has a fifty day moving average of $22.77 and a 200 day moving average of $21.64.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01. Equities analysts anticipate that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SMMT shares. Summit Redstone set a $35.00 target price on Summit Therapeutics in a report on Wednesday, March 26th. The Goldman Sachs Group lifted 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. JMP Securities reaffirmed a “market outperform” rating and issued a $40.00 price target on shares of Summit Therapeutics in a research report on Monday, June 2nd. Wall Street Zen upgraded Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, June 29th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $34.67.

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.