State Board of Administration of Florida Retirement System Buys 64,432 Shares of Summit Therapeutics PLC $SMMT

State Board of Administration of Florida Retirement System grew its position in shares of Summit Therapeutics PLC (NASDAQ:SMMT) by 194.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 97,502 shares of the company’s stock after purchasing an additional 64,432 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Summit Therapeutics were worth $2,075,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. APEIRON CAPITAL Ltd bought a new position in Summit Therapeutics during the second quarter valued at approximately $25,556,000. Fiera Capital Corp bought a new stake in Summit Therapeutics in the 2nd quarter worth approximately $16,659,000. Siren L.L.C. purchased a new stake in shares of Summit Therapeutics during the 1st quarter worth approximately $13,407,000. Adage Capital Partners GP L.L.C. bought a new position in shares of Summit Therapeutics during the 1st quarter valued at approximately $10,378,000. Finally, Cutter Capital Management LP bought a new position in shares of Summit Therapeutics during the 1st quarter valued at approximately $7,716,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Summit Therapeutics

In other news, CEO Mahkam Zanganeh acquired 26,680 shares of the company’s stock in a transaction that occurred on Tuesday, October 21st. The shares were bought at an average price of $18.74 per share, with a total value of $499,983.20. Following the completion of the purchase, the chief executive officer directly owned 76,680 shares in the company, valued at $1,436,983.20. This trade represents a 53.36% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert W. Duggan acquired 26,680 shares of Summit Therapeutics stock in a transaction on Tuesday, October 21st. The shares were purchased at an average price of $18.74 per share, for a total transaction of $499,983.20. Following the completion of the acquisition, the chief executive officer directly owned 76,680 shares in the company, valued at $1,436,983.20. This trade represents a 53.36% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders bought 1,263,765 shares of company stock worth $22,969,461. Company insiders own 84.90% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Guggenheim restated a “buy” rating and issued a $40.00 price target on shares of Summit Therapeutics in a research report on Wednesday, October 22nd. Wolfe Research assumed coverage on shares of Summit Therapeutics in a report on Tuesday, November 18th. They issued a “peer perform” rating on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, September 8th. Barclays lifted their price target on Summit Therapeutics from $13.00 to $16.00 and gave the stock an “underweight” rating in a research report on Tuesday, October 21st. Finally, Citigroup boosted their price objective on Summit Therapeutics from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $31.14.

Summit Therapeutics Price Performance

Summit Therapeutics stock opened at $18.31 on Friday. The firm has a market capitalization of $14.12 billion, a P/E ratio of -14.77 and a beta of -1.53. Summit Therapeutics PLC has a 1-year low of $15.55 and a 1-year high of $36.91. The company’s 50-day moving average is $19.25 and its 200 day moving average is $22.03.

Summit Therapeutics (NASDAQ:SMMT) last released its 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). Research analysts anticipate that Summit Therapeutics PLC will post -0.3 earnings per share for the current fiscal year.

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.