43,184 Summit Therapeutics PLC $SMMT Shares Purchased by Wealth Management Partners LLC

Wealth Management Partners LLC increased its position in shares of Summit Therapeutics PLC (NASDAQ:SMMT) by 48.4% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 132,458 shares of the company’s stock after buying 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 filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SMMT. Ball & Co Wealth Management Inc. purchased a new position in Summit Therapeutics in the first quarter valued at $28,000. IFP Advisors Inc raised its position in shares of Summit Therapeutics by 792.3% in the third quarter. IFP Advisors Inc now owns 1,508 shares of the company’s stock worth $26,000 after acquiring an additional 1,339 shares during the period. Toth Financial Advisory Corp purchased a new stake in shares of Summit Therapeutics during the 3rd quarter worth about $30,000. CX Institutional boosted its stake in shares of 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 acquiring an additional 1,447 shares in the last quarter. Finally, Parallel Advisors LLC boosted its stake in shares of Summit Therapeutics by 4,178.0% during the 1st quarter. Parallel Advisors LLC now owns 2,139 shares of the company’s stock worth $41,000 after acquiring an additional 2,089 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Stock Performance

Summit Therapeutics stock opened at $15.83 on Thursday. The company’s fifty day moving average price is $15.80 and its 200 day moving average price is $16.30. Summit Therapeutics PLC has a 1 year low of $12.07 and a 1 year high of $29.23. The stock has a market capitalization of $12.66 billion, a P/E ratio of -14.13 and a beta of -1.51.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly 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 predict that Summit Therapeutics PLC will post -1.20 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SMMT. Morgan Stanley cut Summit Therapeutics to an “outperform” rating in a research report on Tuesday, September 29th. UBS Group restated a “neutral” rating on shares of Summit Therapeutics in a research note on Wednesday, September 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a report on Tuesday, September 22nd. Leerink Partners upgraded Summit Therapeutics from an “underperform” rating to a “market perform” rating and increased their price target for the stock from $12.00 to $13.00 in a research report on Wednesday, August 12th. Finally, Stifel Nicolaus lowered their price target on Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating on the stock in a research report on Friday, July 24th. One 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’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.61.

Summit Therapeutics 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.