Mirae Asset Global Investments Co. Ltd. Raises Position in Summit Therapeutics PLC $SMMT

Mirae Asset Global Investments Co. Ltd. increased its holdings in Summit Therapeutics PLC (NASDAQ:SMMT) by 15.2% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 30,548 shares of the company’s stock after purchasing an additional 4,030 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Summit Therapeutics were worth $650,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in SMMT. Golden State Wealth Management LLC raised its position in Summit Therapeutics by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock worth $29,000 after purchasing an additional 751 shares during the period. CWM LLC increased its position 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 valued at $32,000 after acquiring an additional 1,624 shares during the period. AlphaQuest LLC purchased a new position in shares of Summit Therapeutics in the first quarter valued at about $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 acquiring an additional 2,800 shares during the period. 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 acquiring an additional 647 shares during the period. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Price Performance

NASDAQ:SMMT opened at $21.35 on Friday. Summit Therapeutics PLC has a one year low of $15.55 and a one year high of $36.91. The company’s 50-day simple moving average is $23.15 and its 200 day simple moving average is $23.27. The firm has a market capitalization of $15.86 billion, a P/E ratio of -21.14 and a beta of -1.13.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.76) EPS 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 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SMMT has been the topic of a number of analyst reports. Barclays initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, September 17th. They issued an “underweight” rating and a $13.00 price objective on the stock. JMP Securities restated a “market outperform” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research report on Wednesday, September 3rd. Wall Street Zen cut shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Wednesday. Finally, Summit Redstone set a $13.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, September 16th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and five have given a Sell rating to the company. According to MarketBeat, Summit Therapeutics presently has a consensus rating of “Hold” and an average price target of $31.29.

Insider Activity

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