Mirae Asset Global Investments Co. Ltd. Grows Stock Holdings in Summit Therapeutics PLC $SMMT

Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT) by 15.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 30,548 shares of the company’s stock after purchasing an additional 4,030 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Summit Therapeutics were worth $650,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in SMMT. GAMMA Investing LLC raised its holdings in shares of Summit Therapeutics by 2,629.7% during the first quarter. GAMMA Investing LLC now owns 15,914 shares of the company’s stock valued at $307,000 after purchasing an additional 15,331 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Summit Therapeutics by 5.2% during the first quarter. Rhumbline Advisers now owns 131,760 shares of the company’s stock valued at $2,542,000 after purchasing an additional 6,558 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of Summit Therapeutics by 1,400.0% during the first quarter. Fifth Third Bancorp now owns 3,000 shares of the company’s stock valued at $58,000 after purchasing an additional 2,800 shares during the last quarter. Polianta Ltd purchased a new position in shares of Summit Therapeutics during the first quarter valued at approximately $1,168,000. Finally, Griffin Asset Management Inc. raised its holdings in shares of Summit Therapeutics by 5.9% during the first quarter. Griffin Asset Management Inc. now owns 117,210 shares of the company’s stock valued at $2,261,000 after purchasing an additional 6,550 shares during 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 Robert W. Duggan acquired 333,394 shares of the stock in a transaction on Wednesday, September 10th. The stock was acquired at an average price of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the transaction, the chief executive officer directly owned 556,088,090 shares of the company’s stock, valued at $9,831,637,431.20. This trade represents a 0.06% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mahkam Zanganeh acquired 333,394 shares of the stock in a transaction on Wednesday, September 10th. The shares were acquired 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 676,788 shares of company stock valued at $11,969,512 in the last quarter. 84.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

SMMT has been the subject of a number of research reports. HC Wainwright reaffirmed a “buy” rating and set a $50.00 target price on shares of Summit Therapeutics in a report on Tuesday, September 16th. UBS Group initiated coverage on shares of Summit Therapeutics in a report on Tuesday, July 1st. They set a “buy” rating and a $30.00 target price for the company. Evercore ISI upped their target price on shares of Summit Therapeutics from $30.00 to $34.00 and gave the company an “outperform” rating in a report on Tuesday, August 12th. Summit Redstone set a $13.00 target price on shares of Summit Therapeutics in a report on Tuesday, September 16th. Finally, Wall Street Zen cut shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and five have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $31.29.

Summit Therapeutics Stock Down 5.7%

SMMT stock opened at $21.35 on Friday. Summit Therapeutics PLC has a 52 week low of $15.55 and a 52 week high of $36.91. The company has a fifty day simple moving average of $23.15 and a two-hundred day simple moving average of $23.27. The firm has a market capitalization of $15.86 billion, a P/E ratio of -21.14 and a beta of -1.13.

Summit Therapeutics (NASDAQ:SMMT) last released 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, analysts anticipate that Summit Therapeutics PLC will post -0.3 EPS for the current year.

Summit Therapeutics 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.