119,655 Shares in Summit Therapeutics PLC $SMMT Purchased by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd acquired a new position in Summit Therapeutics PLC (NASDAQ:SMMT) in the first quarter, Holdings Channel reports. The fund acquired 119,655 shares of the company’s stock, valued at approximately $2,269,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SMMT. Price T Rowe Associates Inc. MD lifted its holdings in Summit Therapeutics by 106.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock worth $163,907,000 after acquiring an additional 4,832,592 shares during the period. Baker BROS. Advisors LP grew its stake in Summit Therapeutics by 7.9% in the 4th quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock valued at $636,480,000 after purchasing an additional 2,668,089 shares during the period. Norges Bank purchased a new stake in shares of Summit Therapeutics during the 4th quarter valued at $24,030,000. TD Asset Management Inc increased its position in shares of Summit Therapeutics by 124.2% during the 4th quarter. TD Asset Management Inc now owns 1,205,272 shares of the company’s stock valued at $21,080,000 after purchasing an additional 667,742 shares during the last quarter. Finally, Polymer Capital Management HK LTD raised its stake in shares of Summit Therapeutics by 73.9% during the 4th quarter. Polymer Capital Management HK LTD now owns 1,421,155 shares of the company’s stock worth $24,856,000 after purchasing an additional 603,879 shares during the period. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Trading Down 1.2%

Shares of SMMT stock opened at $15.69 on Thursday. The stock has a market capitalization of $12.18 billion, a P/E ratio of -9.81 and a beta of -1.26. The firm’s 50 day moving average is $16.03 and its 200 day moving average is $16.95. Summit Therapeutics PLC has a 12 month low of $12.55 and a 12 month high of $30.98.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Friday, May 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.03. On average, equities analysts predict that Summit Therapeutics PLC will post -1.18 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SMMT shares. Citigroup began coverage on shares of Summit Therapeutics in a report on Wednesday, April 8th. They issued a “buy” rating on the stock. Truist Financial raised shares of Summit Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Jefferies Financial Group lowered shares of Summit Therapeutics from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $42.00 to $15.00 in a research report on Monday, March 16th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a research note on Friday, May 22nd. Finally, Sanford C. Bernstein assumed coverage on shares of Summit Therapeutics in a research report on Thursday, May 21st. They set an “underperform” rating and a $7.70 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Summit Therapeutics currently has an average rating of “Hold” and a consensus price target of $26.97.

Insider Buying and Selling at Summit Therapeutics

In related news, CEO Robert W. Duggan acquired 3,810,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were purchased at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the completion of the acquisition, the chief executive officer owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. This represents a 0.67% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CFO Manmeet Singh Soni bought 50,000 shares of the stock in a transaction dated Thursday, June 4th. The stock was bought at an average cost of $14.45 per share, with a total value of $722,500.00. Following the purchase, the chief financial officer owned 3,123,603 shares in the company, valued at $45,136,063.35. The trade was a 1.63% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired a total of 7,870,000 shares of company stock worth $103,616,900 over the last three months. Company insiders own 83.50% of the company’s stock.

About Summit Therapeutics

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.