Avanza Fonder AB Lowers Stock Position in Summit Therapeutics PLC $SMMT

Avanza Fonder AB cut its holdings in Summit Therapeutics PLC (NASDAQ:SMMT) by 18.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,487 shares of the company’s stock after selling 1,048 shares during the period. Avanza Fonder AB’s holdings in Summit Therapeutics were worth $95,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC lifted its holdings 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 in the last quarter. CWM LLC lifted its holdings in Summit Therapeutics by 3,455.3% in the 1st quarter. CWM LLC now owns 1,671 shares of the company’s stock worth $32,000 after purchasing an additional 1,624 shares in the last quarter. AlphaQuest LLC purchased a new position in Summit Therapeutics in the 1st quarter worth approximately $49,000. Fifth Third Bancorp lifted its holdings in Summit Therapeutics by 1,400.0% in the 1st quarter. Fifth Third Bancorp now owns 3,000 shares of the company’s stock worth $58,000 after purchasing an additional 2,800 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its holdings in Summit Therapeutics by 11.4% in the 1st quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company’s stock worth $122,000 after purchasing an additional 647 shares in the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Summit Therapeutics

In other Summit Therapeutics news, CEO Mahkam Zanganeh acquired 333,394 shares of the business’s stock in a transaction on Wednesday, September 10th. The shares were bought at an average price of $17.68 per share, with a total value of $5,894,405.92. Following the transaction, the chief executive officer directly owned 556,088,090 shares of the company’s stock, valued at $9,831,637,431.20. The trade was a 0.06% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Robert W. Duggan acquired 333,394 shares of the business’s stock in a transaction on Wednesday, September 10th. The stock was acquired at an average cost of $17.68 per share, for a total transaction of $5,894,405.92. Following the transaction, the chief executive officer directly owned 556,088,090 shares in the company, valued at $9,831,637,431.20. The trade was a 0.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 676,788 shares of company stock worth $11,969,512 in the last ninety days. 84.90% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

SMMT has been the topic of a number of research analyst reports. Evercore ISI boosted their price target on Summit Therapeutics from $30.00 to $34.00 and gave the stock an “outperform” rating in a report on Tuesday, August 12th. Leerink Partners initiated coverage on Summit Therapeutics in a report on Wednesday, June 11th. They issued an “underperform” rating and a $12.00 price target on the stock. UBS Group initiated coverage on Summit Therapeutics in a research note on Tuesday, July 1st. They issued a “buy” rating and a $30.00 price objective on the stock. Zacks Research downgraded Summit Therapeutics from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 14th. Finally, Wall Street Zen downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, August 16th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $31.87.

Summit Therapeutics Stock Up 1.1%

Shares of Summit Therapeutics stock opened at $19.10 on Tuesday. The stock’s fifty day moving average is $24.76 and its two-hundred day moving average is $23.17. The company has a market capitalization of $14.19 billion, a PE ratio of -18.91 and a beta of -1.02. Summit Therapeutics PLC has a 52 week low of $15.55 and a 52 week high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last announced 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). As a group, research analysts anticipate that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

About Summit Therapeutics

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.