Allianz Asset Management GmbH Decreases Stock Holdings in Summit Therapeutics PLC $SMMT

Allianz Asset Management GmbH decreased its holdings in shares of Summit Therapeutics PLC (NASDAQ:SMMT) by 30.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,800 shares of the company’s stock after selling 13,061 shares during the quarter. Allianz Asset Management GmbH’s holdings in Summit Therapeutics were worth $634,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Griffin Asset Management Inc. raised its stake in shares of Summit Therapeutics by 1.9% in the second quarter. Griffin Asset Management Inc. now owns 119,382 shares of the company’s stock valued at $2,540,000 after acquiring an additional 2,172 shares during the period. APEIRON CAPITAL Ltd purchased a new stake in shares of Summit Therapeutics in the second quarter valued at $25,556,000. Ball & Co Wealth Management Inc. purchased a new stake in shares of Summit Therapeutics in the second quarter valued at $31,000. IFP Advisors Inc raised its stake in shares of Summit Therapeutics by 4,264.0% in the second quarter. IFP Advisors Inc now owns 4,364 shares of the company’s stock valued at $93,000 after acquiring an additional 4,264 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Summit Therapeutics by 15.2% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,548 shares of the company’s stock valued at $650,000 after acquiring an additional 4,030 shares during the period. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Mahkam Zanganeh purchased 333,394 shares of the stock in a transaction dated Wednesday, September 10th. The shares were acquired at an average cost of $17.68 per share, for a total transaction of $5,894,405.92. Following 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Yu Xia purchased 533,617 shares of the stock in a transaction dated Tuesday, October 21st. The stock was purchased at an average price of $18.74 per share, for a total transaction of $9,999,982.58. Following the completion of the acquisition, the director directly owned 32,057,147 shares in the company, valued at approximately $600,750,934.78. This represents a 1.69% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 1,263,765 shares of company stock worth $22,969,461 in the last three months. Corporate insiders own 84.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SMMT shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Wednesday, October 8th. HC Wainwright reduced their target price on shares of Summit Therapeutics from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, October 21st. Citigroup increased their target price on shares of Summit Therapeutics from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, October 20th. Guggenheim reissued a “buy” rating and issued a $40.00 target price on shares of Summit Therapeutics in a research note on Wednesday, October 22nd. Finally, JMP Securities restated a “market outperform” rating and issued a $40.00 price target on shares of Summit Therapeutics in a report on Monday, October 20th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have given a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, Summit Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $31.14.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock opened at $19.46 on Tuesday. Summit Therapeutics PLC has a 1 year low of $15.55 and a 1 year high of $36.91. The firm’s 50-day moving average is $21.58 and its two-hundred day moving average is $23.48. The stock has a market cap of $14.49 billion, a price-to-earnings ratio of -15.69 and a beta of -1.13.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Monday, October 20th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.17). On average, equities analysts expect that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

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.