Griffin Asset Management Inc. Boosts Stock Position in Summit Therapeutics PLC $SMMT

Griffin Asset Management Inc. grew its stake in Summit Therapeutics PLC (NASDAQ:SMMT) by 1.9% in the second quarter, Holdings Channel.com reports. The firm owned 119,382 shares of the company’s stock after acquiring an additional 2,172 shares during the quarter. Griffin Asset Management Inc.’s holdings in Summit Therapeutics were worth $2,540,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Ball & Co Wealth Management Inc. purchased a new stake in shares of Summit Therapeutics in the second quarter valued at approximately $31,000. Golden State Wealth Management LLC grew its position in shares of Summit Therapeutics by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company’s stock valued at $29,000 after purchasing an additional 751 shares in the last quarter. CWM LLC grew its position in shares of Summit Therapeutics by 3,455.3% in the first quarter. CWM LLC now owns 1,671 shares of the company’s stock valued at $32,000 after purchasing an additional 1,624 shares in the last quarter. AlphaQuest LLC purchased a new position in Summit Therapeutics in the first quarter worth approximately $49,000. Finally, Fifth Third Bancorp grew its position in Summit Therapeutics by 1,400.0% in the first quarter. Fifth Third Bancorp now owns 3,000 shares of the company’s stock worth $58,000 after acquiring an additional 2,800 shares during the period. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on SMMT shares. Citigroup reiterated a “buy” rating on shares of Summit Therapeutics in a research report on Thursday, September 25th. JMP Securities reiterated a “market outperform” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research report on Wednesday, September 3rd. Evercore ISI increased their price objective on Summit Therapeutics from $30.00 to $34.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 12th. UBS Group started coverage on Summit Therapeutics in a research report on Tuesday, July 1st. They issued a “buy” rating and a $30.00 price objective for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $50.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, September 16th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has assigned a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $31.29.

Summit Therapeutics Stock Down 5.7%

NASDAQ:SMMT opened at $21.35 on Monday. The stock’s fifty day moving average is $23.15 and its two-hundred day moving average is $23.31. Summit Therapeutics PLC has a 52 week low of $15.55 and a 52 week high of $36.91. The stock has a market capitalization of $15.86 billion, a price-to-earnings ratio of -21.14 and a beta of -1.13.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.66). On average, sell-side analysts expect that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Mahkam Zanganeh acquired 333,394 shares of Summit Therapeutics stock in a transaction dated Wednesday, September 10th. The shares were acquired at an average cost of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the purchase, the chief executive officer owned 556,088,090 shares in the company, valued at approximately $9,831,637,431.20. The trade was a 0.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert W. Duggan acquired 333,394 shares of Summit Therapeutics stock in a transaction dated Wednesday, September 10th. The stock was bought at an average price of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the purchase, the chief executive officer owned 556,088,090 shares of the company’s stock, valued at approximately $9,831,637,431.20. This represents a 0.06% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 676,788 shares of company stock worth $11,969,512 over the last 90 days. 84.90% of the stock is owned by insiders.

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.