Citigroup Inc. Acquires 46,535 Shares of Summit Therapeutics PLC $SMMT

Citigroup Inc. increased its holdings in Summit Therapeutics PLC (NASDAQ:SMMT) by 41.1% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 159,873 shares of the company’s stock after buying an additional 46,535 shares during the quarter. Citigroup Inc.’s holdings in Summit Therapeutics were worth $3,303,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Skandinaviska Enskilda Banken AB publ grew its stake in shares of Summit Therapeutics by 409.2% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 338,363 shares of the company’s stock worth $6,991,000 after acquiring an additional 271,912 shares during the period. Vanguard Group Inc. boosted its holdings in Summit Therapeutics by 31.2% in the third quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock worth $235,105,000 after purchasing an additional 2,706,056 shares during the last quarter. Verde Servicos Internacionais S.A. bought a new stake in Summit Therapeutics in the 3rd quarter worth approximately $826,000. Illinois Municipal Retirement Fund raised its stake in Summit Therapeutics by 121.1% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 68,673 shares of the company’s stock valued at $1,419,000 after buying an additional 37,611 shares during the last quarter. Finally, Profund Advisors LLC lifted its holdings in shares of Summit Therapeutics by 76.4% during the 3rd quarter. Profund Advisors LLC now owns 69,933 shares of the company’s stock valued at $1,445,000 after buying an additional 30,293 shares during the period. Institutional investors own 4.61% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on SMMT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a report on Thursday, January 22nd. Zacks Research cut Summit Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 4th. Barclays raised shares of Summit Therapeutics from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $16.00 to $18.00 in a research report on Wednesday, December 17th. Citigroup reissued a “buy” rating on shares of Summit Therapeutics in a report on Tuesday, February 24th. Finally, Piper Sandler set a $40.00 target price on shares of Summit Therapeutics in a report on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.25.

Summit Therapeutics Stock Performance

SMMT opened at $14.94 on Friday. The stock has a market capitalization of $11.58 billion, a price-to-earnings ratio of -10.30 and a beta of -1.43. The company has a fifty day moving average of $16.29 and a 200 day moving average of $18.67. Summit Therapeutics PLC has a fifty-two week low of $13.83 and a fifty-two week high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Monday, February 23rd. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.07). On average, equities research analysts forecast that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

Summit Therapeutics Profile

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.