Advisors Asset Management Inc. Raises Stock Position in Summit Therapeutics PLC $SMMT

Advisors Asset Management Inc. lifted its position in Summit Therapeutics PLC (NASDAQ:SMMT) by 81.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,167 shares of the company’s stock after buying an additional 5,021 shares during the period. Advisors Asset Management Inc.’s holdings in Summit Therapeutics were worth $215,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Siren L.L.C. acquired a new position in Summit Therapeutics during the 1st quarter valued at about $13,407,000. Adage Capital Partners GP L.L.C. acquired a new position in Summit Therapeutics during the 1st quarter valued at about $10,378,000. Nuveen LLC acquired a new position in Summit Therapeutics during the 1st quarter valued at about $4,550,000. Neo Ivy Capital Management acquired a new position in Summit Therapeutics during the 4th quarter valued at about $3,739,000. Finally, Rafferty Asset Management LLC increased its position in Summit Therapeutics by 187.8% during the 4th quarter. Rafferty Asset Management LLC now owns 311,692 shares of the company’s stock valued at $5,562,000 after buying an additional 203,377 shares in the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Stock Up 5.7%

Shares of SMMT opened at $18.60 on Friday. The stock’s 50-day moving average price is $25.55 and its 200-day moving average price is $23.12. 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 $13.82 billion, a price-to-earnings ratio of -18.42 and a beta of -1.02.

Summit Therapeutics (NASDAQ:SMMT) last posted its 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 anticipate that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal year.

Analysts Set New Price Targets

SMMT has been the topic of several research analyst reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a research report on Monday. Wall Street Zen downgraded shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. UBS Group initiated coverage on shares of Summit Therapeutics in a research report on Tuesday, July 1st. They set a “buy” rating and a $30.00 target price on the stock. Summit Redstone set a $21.00 target price on shares of Summit Therapeutics in a research report on Tuesday, August 19th. Finally, Leerink Partnrs raised shares of Summit Therapeutics to a “strong sell” rating in a research report on Wednesday, June 11th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $33.79.

Insider Buying and Selling at Summit Therapeutics

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