Fiera Capital Corp Takes $16.66 Million Position in Summit Therapeutics PLC $SMMT

Fiera Capital Corp acquired a new position in Summit Therapeutics PLC (NASDAQ:SMMT) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 782,847 shares of the company’s stock, valued at approximately $16,659,000. Fiera Capital Corp owned approximately 0.11% of Summit Therapeutics as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of SMMT. Principal Financial Group Inc. lifted its holdings in shares of Summit Therapeutics by 20.1% in the 1st quarter. Principal Financial Group Inc. now owns 246,429 shares of the company’s stock worth $4,754,000 after buying an additional 41,279 shares during the period. Bank of New York Mellon Corp lifted its stake in Summit Therapeutics by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 340,775 shares of the company’s stock worth $6,574,000 after acquiring an additional 7,265 shares during the period. Cerity Partners LLC lifted its stake in Summit Therapeutics by 0.4% in the first quarter. Cerity Partners LLC now owns 113,654 shares of the company’s stock worth $2,192,000 after acquiring an additional 440 shares during the period. CWM LLC grew its holdings in Summit Therapeutics by 3,455.3% during the 1st quarter. CWM LLC now owns 1,671 shares of the company’s stock worth $32,000 after acquiring an additional 1,624 shares in the last quarter. Finally, Kingsview Wealth Management LLC purchased a new position in Summit Therapeutics during the 1st quarter valued at about $894,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Trading Down 3.0%

Shares of SMMT opened at $18.26 on Friday. The firm has a market cap of $14.08 billion, a PE ratio of -14.73 and a beta of -1.21. Summit Therapeutics PLC has a 12 month low of $15.55 and a 12 month high of $36.91. The stock has a fifty day moving average price of $19.90 and a 200-day moving average price of $22.81.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Monday, October 20th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.17). As a group, research analysts forecast that Summit Therapeutics PLC will post -0.3 EPS for the current year.

Insider Activity

In related news, Director Yu Xia acquired 533,617 shares of the firm’s stock in a transaction that occurred on Tuesday, October 21st. The stock was purchased at an average cost of $18.74 per share, with a total value of $9,999,982.58. Following the transaction, the director directly owned 32,057,147 shares of the company’s stock, valued at $600,750,934.78. This trade represents a 1.69% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Mahkam Zanganeh bought 333,394 shares of the stock in a transaction that occurred on Wednesday, September 10th. The stock was bought at an average price of $17.68 per share, with a total value of $5,894,405.92. Following the completion of the purchase, the chief executive officer directly owned 556,088,090 shares in the company, valued at $9,831,637,431.20. This represents a 0.06% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 1,263,765 shares of company stock worth $22,969,461 over the last 90 days. 84.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Summit Redstone set a $13.00 price target on shares of Summit Therapeutics in a research report on Tuesday, September 16th. JMP Securities reissued a “market outperform” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research note on Monday, October 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Wednesday, October 8th. Wall Street Zen downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. Finally, Zacks Research upgraded Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have given a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.14.

About Summit Therapeutics

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.