Amalgamated Bank Purchases 4,758 Shares of Summit Therapeutics PLC $SMMT

Amalgamated Bank lifted its position in shares of Summit Therapeutics PLC (NASDAQ:SMMT) by 149.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,943 shares of the company’s stock after purchasing an additional 4,758 shares during the period. Amalgamated Bank’s holdings in Summit Therapeutics were worth $169,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cerity Partners LLC grew its position in Summit Therapeutics by 0.4% in the 1st quarter. Cerity Partners LLC now owns 113,654 shares of the company’s stock worth $2,192,000 after purchasing an additional 440 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Summit Therapeutics by 1.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock worth $1,273,000 after buying an additional 694 shares during the last quarter. CreativeOne Wealth LLC boosted its stake in shares of Summit Therapeutics by 4.8% in the 1st quarter. CreativeOne Wealth LLC now owns 21,169 shares of the company’s stock worth $408,000 after buying an additional 974 shares during the last quarter. Ball & Co Wealth Management Inc. bought a new position in shares of Summit Therapeutics in the second quarter valued at approximately $31,000. Finally, CWM LLC increased its position in shares of Summit Therapeutics by 3,455.3% during 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 last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Stock Down 1.5%

SMMT opened at $18.18 on Friday. The firm has a 50-day moving average price of $20.31 and a 200-day moving average price of $23.11. Summit Therapeutics PLC has a twelve month low of $15.55 and a twelve month high of $36.91. The company has a market capitalization of $14.02 billion, a price-to-earnings ratio of -14.66 and a beta of -1.21.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Monday, October 20th. The company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.17). On average, sell-side 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 recent analyst reports. Barclays lifted their price target on Summit Therapeutics from $13.00 to $16.00 and gave the stock an “underweight” rating in a report on Tuesday, October 21st. HC Wainwright lowered their target price on 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 boosted their price target on shares of Summit Therapeutics from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, October 20th. Piper Sandler began coverage on shares of Summit Therapeutics in a research report on Monday, August 18th. They set a “neutral” rating and a $21.00 price target for the company. Finally, Evercore ISI raised their price objective on shares of Summit Therapeutics from $30.00 to $34.00 and gave the stock an “outperform” rating in a report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $31.14.

Insiders Place Their Bets

In related news, Director Yu Xia purchased 533,617 shares of Summit Therapeutics stock in a transaction dated Tuesday, October 21st. The stock was bought at an average cost of $18.74 per share, for a total transaction of $9,999,982.58. Following the completion of the transaction, the director owned 32,057,147 shares in the company, valued at $600,750,934.78. This trade represents a 1.69% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert W. Duggan acquired 26,680 shares of the firm’s stock in a transaction that occurred on Tuesday, October 21st. The shares were bought at an average price of $18.74 per share, for a total transaction of $499,983.20. Following the completion of the purchase, the chief executive officer owned 76,680 shares in the company, valued at $1,436,983.20. This trade represents a 53.36% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 1,263,765 shares of company stock worth $22,969,461 over the last 90 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.