Aberdeen Group plc Reduces Stake in Summit Therapeutics PLC $SMMT

Aberdeen Group plc lowered its stake in Summit Therapeutics PLC (NASDAQ:SMMT) by 18.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 927,171 shares of the company’s stock after selling 212,359 shares during the period. Aberdeen Group plc owned approximately 0.12% of Summit Therapeutics worth $16,216,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Tema Etfs LLC grew its position in Summit Therapeutics by 19.3% in the fourth quarter. Tema Etfs LLC now owns 95,782 shares of the company’s stock worth $1,675,000 after acquiring an additional 15,498 shares in the last quarter. SG Americas Securities LLC lifted its stake in Summit Therapeutics by 204.7% in the fourth quarter. SG Americas Securities LLC now owns 15,589 shares of the company’s stock worth $273,000 after purchasing an additional 10,472 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in Summit Therapeutics in the fourth quarter worth about $1,043,000. Wealth Enhancement Advisory Services LLC lifted its stake in Summit Therapeutics by 27.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 20,875 shares of the company’s stock worth $390,000 after purchasing an additional 4,464 shares during the last quarter. Finally, Tudor Investment Corp ET AL bought a new stake in Summit Therapeutics in the third quarter worth about $7,174,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Stock Performance

NASDAQ:SMMT opened at $18.69 on Tuesday. Summit Therapeutics PLC has a one year low of $13.83 and a one year high of $36.91. The firm has a market cap of $14.49 billion, a price-to-earnings ratio of -12.89 and a beta of -1.36. The firm’s fifty day moving average is $15.95 and its two-hundred day moving average is $17.70.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Monday, February 23rd. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.07). As a group, equities research analysts predict 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 subject of several analyst reports. Citigroup reissued a “buy” rating on shares of Summit Therapeutics in a research note on Tuesday, February 24th. Piper Sandler set a $40.00 price target on shares of Summit Therapeutics in a research note on Wednesday, January 14th. Citizens Jmp reaffirmed a “market outperform” rating and set a $40.00 price target on shares of Summit Therapeutics in a research note on Friday, January 30th. Barclays raised shares of Summit Therapeutics from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $16.00 to $18.00 in a research note on Wednesday, December 17th. Finally, Jefferies Financial Group downgraded shares of Summit Therapeutics from a “buy” rating to a “hold” rating and decreased their price target for the company from $42.00 to $15.00 in a research note on Monday, March 16th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.83.

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.