Public Employees Retirement System of Ohio Makes New Investment in Summit Therapeutics PLC $SMMT

Public Employees Retirement System of Ohio acquired a new position in shares of Summit Therapeutics PLC (NASDAQ:SMMT) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 36,265 shares of the company’s stock, valued at approximately $772,000.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC grew its holdings in Summit Therapeutics by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock valued at $29,000 after purchasing an additional 751 shares in the last quarter. CWM LLC lifted its stake in shares of 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 Summit Therapeutics in the first quarter valued at about $49,000. Fifth Third Bancorp grew its stake in Summit Therapeutics by 1,400.0% during the 1st quarter. Fifth Third Bancorp now owns 3,000 shares of the company’s stock valued at $58,000 after purchasing an additional 2,800 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its holdings in Summit Therapeutics by 11.4% during the 1st quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company’s stock worth $122,000 after purchasing an additional 647 shares during the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Stock Up 2.7%

Shares of NASDAQ:SMMT opened at $21.43 on Monday. The company’s fifty day moving average is $23.60 and its two-hundred day moving average is $23.24. The company has a market cap of $15.92 billion, a P/E ratio of -21.22 and a beta of -1.13. Summit Therapeutics PLC has a 12-month low of $15.55 and a 12-month high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Monday, August 11th. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.66). Equities research analysts anticipate that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

Insider Transactions at Summit Therapeutics

In related news, CEO Mahkam Zanganeh acquired 333,394 shares of the 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 completion of the transaction, the chief executive officer owned 556,088,090 shares of the company’s stock, valued at approximately $9,831,637,431.20. This trade represents 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 acquired 333,394 shares of the company’s stock in a transaction on Wednesday, September 10th. The stock was bought at an average price of $17.68 per share, for a total transaction of $5,894,405.92. Following 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 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 in the last quarter. 84.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SMMT shares. Summit Redstone set a $13.00 price target on shares of Summit Therapeutics in a research report on Tuesday, September 16th. Leerink Partnrs raised shares of Summit Therapeutics to a “strong sell” rating in a report on Wednesday, June 11th. Citigroup restated a “buy” rating on shares of Summit Therapeutics in a research note on Thursday, September 25th. Leerink Partners began coverage on shares of Summit Therapeutics in a research report on Wednesday, June 11th. They set an “underperform” rating and a $12.00 price target on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $50.00 price target on shares of Summit Therapeutics in a research note on Tuesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat, Summit Therapeutics has an average rating of “Hold” and an average target price of $31.29.

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.