Rhumbline Advisers Grows Position in Summit Therapeutics PLC $SMMT

Rhumbline Advisers boosted its holdings in Summit Therapeutics PLC (NASDAQ:SMMT) by 5.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 131,760 shares of the company’s stock after acquiring an additional 6,558 shares during the quarter. Rhumbline Advisers’ holdings in Summit Therapeutics were worth $2,542,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of SMMT. Golden State Wealth Management LLC raised its position in Summit Therapeutics by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock worth $29,000 after acquiring an additional 751 shares in the last quarter. CWM LLC raised its position in Summit Therapeutics by 3,455.3% in the first quarter. CWM LLC now owns 1,671 shares of the company’s stock worth $32,000 after acquiring an additional 1,624 shares in the last quarter. AlphaQuest LLC purchased a new position in shares of Summit Therapeutics in the first quarter valued at $49,000. Fifth Third Bancorp increased its position in shares of Summit Therapeutics by 1,400.0% in the first quarter. Fifth Third Bancorp now owns 3,000 shares of the company’s stock valued at $58,000 after buying an additional 2,800 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its position in shares of Summit Therapeutics by 11.4% in the first quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company’s stock valued at $122,000 after buying an additional 647 shares in the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SMMT. Wall Street Zen cut Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. Piper Sandler began coverage on Summit Therapeutics in a research report on Monday, August 18th. They issued a “neutral” rating and a $21.00 price target for the company. Leerink Partnrs upgraded Summit Therapeutics to a “strong sell” rating in a research report on Wednesday, June 11th. Guggenheim began coverage on Summit Therapeutics in a research report on Wednesday, September 3rd. They issued a “buy” rating and a $40.00 price target for the company. Finally, Summit Redstone set a $21.00 price target on Summit Therapeutics in a research report on Tuesday, August 19th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $33.79.

Summit Therapeutics Price Performance

NASDAQ SMMT opened at $18.12 on Wednesday. The firm has a market capitalization of $13.46 billion, a P/E ratio of -17.94 and a beta of -1.02. Summit Therapeutics PLC has a 1-year low of $15.55 and a 1-year high of $36.91. The business’s 50-day simple moving average is $25.27 and its 200-day simple moving average is $23.14.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.66). On average, equities research analysts expect that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal year.

Insider Activity

In related news, CEO Mahkam Zanganeh purchased 333,394 shares of Summit Therapeutics stock in a transaction that occurred on Wednesday, September 10th. The shares were purchased at an average cost of $17.68 per share, with a total value of $5,894,405.92. Following the transaction, the chief executive officer owned 556,088,090 shares of the company’s stock, valued at approximately $9,831,637,431.20. The trade was a 0.06% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Robert W. Duggan purchased 333,394 shares of Summit Therapeutics stock in a transaction that occurred on Wednesday, September 10th. The shares were bought at an average cost of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the transaction, the chief executive officer directly owned 556,088,090 shares in the company, valued at $9,831,637,431.20. This represents a 0.06% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 676,788 shares of company stock worth $11,969,512 over the last ninety days. 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.