DNB Asset Management AS Purchases 30,138 Shares of Summit Therapeutics PLC $SMMT

DNB Asset Management AS raised its position in Summit Therapeutics PLC (NASDAQ:SMMT) by 97.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 61,061 shares of the company’s stock after buying an additional 30,138 shares during the period. DNB Asset Management AS’s holdings in Summit Therapeutics were worth $1,068,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Parallel Advisors LLC bought a new position in Summit Therapeutics in the 3rd quarter valued at $39,000. SG Americas Securities LLC bought a new position in Summit Therapeutics in the 3rd quarter valued at $106,000. Quantbot Technologies LP bought a new position in Summit Therapeutics in the 2nd quarter valued at $132,000. California State Teachers Retirement System boosted its position in Summit Therapeutics by 62.3% in the 2nd quarter. California State Teachers Retirement System now owns 7,368 shares of the company’s stock valued at $157,000 after buying an additional 2,828 shares during the last quarter. Finally, Amalgamated Bank boosted its position in Summit Therapeutics by 7.7% in the 3rd quarter. Amalgamated Bank now owns 8,552 shares of the company’s stock valued at $177,000 after buying an additional 609 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SMMT has been the topic of a number of recent research reports. Zacks Research upgraded Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. Jefferies Financial Group lowered Summit Therapeutics from a “buy” rating to a “hold” rating and decreased their price objective for the company from $42.00 to $15.00 in a research report on Monday, March 16th. Citigroup initiated coverage on Summit Therapeutics in a research report on Wednesday, April 8th. They issued a “buy” rating on the stock. HC Wainwright decreased their price objective on Summit Therapeutics from $30.00 to $23.00 and set a “buy” rating on the stock in a research report on Monday, May 4th. Finally, Wall Street Zen downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $27.58.

Summit Therapeutics Stock Performance

NASDAQ SMMT opened at $17.89 on Thursday. The business has a 50 day simple moving average of $18.89 and a 200 day simple moving average of $17.62. Summit Therapeutics PLC has a 52-week low of $13.83 and a 52-week high of $30.98. The stock has a market cap of $13.89 billion, a price-to-earnings ratio of -11.18 and a beta of -1.25.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Thursday, April 30th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. On average, analysts predict that Summit Therapeutics PLC will post -1.17 EPS 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.