Summit Therapeutics PLC $SMMT Shares Acquired by Wealth Management Partners LLC

Wealth Management Partners LLC lifted its position in Summit Therapeutics PLC (NASDAQ:SMMT) by 48.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 132,458 shares of the company’s stock after purchasing an additional 43,184 shares during the quarter. Wealth Management Partners LLC’s holdings in Summit Therapeutics were worth $2,240,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. IFP Advisors Inc boosted its position in Summit Therapeutics by 792.3% in the third quarter. IFP Advisors Inc now owns 1,508 shares of the company’s stock valued at $26,000 after buying an additional 1,339 shares during the last quarter. GAMMA Investing LLC increased its holdings in Summit Therapeutics by 61.7% in the 3rd quarter. GAMMA Investing LLC now owns 2,697 shares of the company’s stock worth $46,000 after buying an additional 1,029 shares during the period. Farther Finance Advisors LLC increased its holdings in Summit Therapeutics by 15.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 29,308 shares of the company’s stock worth $496,000 after buying an additional 4,007 shares during the period. Toth Financial Advisory Corp acquired a new position in Summit Therapeutics in the 3rd quarter worth approximately $30,000. Finally, CX Institutional raised its position in Summit Therapeutics by 244.8% during the 3rd quarter. CX Institutional now owns 2,038 shares of the company’s stock worth $34,000 after buying an additional 1,447 shares during the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Stock Down 1.6%

Shares of SMMT stock opened at $15.83 on Thursday. Summit Therapeutics PLC has a 52-week low of $12.07 and a 52-week high of $29.23. The stock has a market cap of $12.66 billion, a PE ratio of -14.13 and a beta of -1.51. The business has a 50-day simple moving average of $15.80 and a 200-day simple moving average of $16.30.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Thursday, July 23rd. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Sell-side analysts anticipate that Summit Therapeutics PLC will post -1.20 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on SMMT shares. UBS Group restated a “neutral” rating on shares of Summit Therapeutics in a research note on Wednesday, September 23rd. Citigroup reiterated a “buy” rating and issued a $43.00 price objective (up from $40.00) on shares of Summit Therapeutics in a research note on Friday, September 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Thursday, October 15th. Leerink Partners raised shares of Summit Therapeutics from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $12.00 to $13.00 in a report on Wednesday, August 12th. Finally, Jefferies Financial Group reissued a “buy” rating and set a $30.00 target price on shares of Summit Therapeutics in a report on Tuesday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.61.

Summit Therapeutics Company Profile

Summit Therapeutics Inc is a biopharmaceutical company focused on developing and commercializing innovative medicines for the treatment of cancer. The company’s primary focus is oncology, with an emphasis on therapies designed to improve outcomes for patients with serious diseases.

Summit’s lead product candidate is ivonescimab, a bispecific antibody that is designed to combine immune checkpoint inhibition against PD-1 with anti-angiogenic activity targeting VEGF. The company is advancing ivonescimab in clinical studies for non-small cell lung cancer and is evaluating the therapy in combination with other cancer treatments and across additional treatment settings.

Summit holds exclusive rights to develop and commercialize ivonescimab in markets outside China through a licensing and collaboration agreement with Akeso, a China-based biopharmaceutical company.