Fiera Capital Corp Takes $16.66 Million Position in Summit Therapeutics PLC $SMMT

Fiera Capital Corp acquired a new position in Summit Therapeutics PLC (NASDAQ:SMMT) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 782,847 shares of the company’s stock, valued at approximately $16,659,000.

A number of other large investors have also recently bought and sold shares of the company. Principal Financial Group Inc. increased its holdings in Summit Therapeutics by 20.1% in the 1st quarter. Principal Financial Group Inc. now owns 246,429 shares of the company’s stock worth $4,754,000 after buying an additional 41,279 shares during the period. Bank of New York Mellon Corp lifted its stake in Summit Therapeutics by 2.2% during the 1st quarter. Bank of New York Mellon Corp now owns 340,775 shares of the company’s stock valued at $6,574,000 after acquiring an additional 7,265 shares during the period. Cerity Partners LLC boosted its holdings in shares of Summit Therapeutics by 0.4% in the 1st quarter. Cerity Partners LLC now owns 113,654 shares of the company’s stock valued at $2,192,000 after acquiring an additional 440 shares during the last quarter. CWM LLC boosted its holdings in shares of Summit Therapeutics by 3,455.3% in the 1st 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. Finally, Kingsview Wealth Management LLC acquired a new stake in shares of Summit Therapeutics in the first quarter worth $894,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Stock Down 3.0%

SMMT stock opened at $18.26 on Friday. Summit Therapeutics PLC has a 52-week low of $15.55 and a 52-week high of $36.91. The firm has a market cap of $14.08 billion, a P/E ratio of -14.73 and a beta of -1.21. The company’s 50-day simple moving average is $19.90 and its 200-day simple moving average is $22.81.

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Evercore ISI boosted their target price on shares of Summit Therapeutics from $30.00 to $34.00 and gave the company an “outperform” rating in a research report on Tuesday, August 12th. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a report on Monday, September 8th. JMP Securities restated a “market outperform” rating and issued a $40.00 target price on shares of Summit Therapeutics in a research note on Monday, October 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a report on Wednesday, October 8th. Finally, Citigroup boosted their price target on Summit Therapeutics from $35.00 to $40.00 and gave the company a “buy” rating in a report on Monday, October 20th. One equities 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 stock. According to MarketBeat.com, Summit Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $31.14.

Insider Activity

In other Summit Therapeutics news, Director Yu Xia bought 533,617 shares of Summit Therapeutics stock in a transaction dated Tuesday, October 21st. The stock was acquired at an average cost of $18.74 per share, with a total value of $9,999,982.58. Following the purchase, the director directly owned 32,057,147 shares in the company, valued at $600,750,934.78. This represents a 1.69% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert W. Duggan bought 26,680 shares of the firm’s stock in a transaction dated Tuesday, October 21st. The shares were acquired at an average price of $18.74 per share, for a total transaction of $499,983.20. Following the transaction, the chief executive officer directly owned 76,680 shares in the company, valued at approximately $1,436,983.20. This represents a 53.36% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 1,263,765 shares of company stock worth $22,969,461 over the last three months. 84.90% of the stock is currently owned by corporate insiders.

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.