Elmind Capital LP acquired a new position in Summit Therapeutics PLC (NASDAQ:SMMT – Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 493,820 shares of the company’s stock, valued at approximately $7,194,957,000. Summit Therapeutics accounts for 1.8% of Elmind Capital LP’s investment portfolio, making the stock its 17th largest position.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SMMT. Baker BROS. Advisors LP boosted its position in shares of Summit Therapeutics by 7.9% in the fourth quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock worth $636,480,000 after buying an additional 2,668,089 shares during the period. TD Asset Management Inc lifted its stake in Summit Therapeutics by 124.2% in the 4th quarter. TD Asset Management Inc now owns 1,205,272 shares of the company’s stock worth $21,080,000 after acquiring an additional 667,742 shares in the last quarter. Polymer Capital Management HK LTD lifted its stake in Summit Therapeutics by 73.9% in the 4th quarter. Polymer Capital Management HK LTD now owns 1,421,155 shares of the company’s stock worth $24,856,000 after acquiring an additional 603,879 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in Summit Therapeutics during the 1st quarter worth about $2,269,000. Finally, Norges Bank acquired a new stake in Summit Therapeutics during the 4th quarter worth about $24,030,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other news, CEO Mahkam Zanganeh bought 3,810,000 shares of Summit Therapeutics stock in a transaction that occurred on Friday, June 12th. The stock was purchased at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the transaction, the chief executive officer directly owned 573,883,879 shares in the company, valued at $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Manmeet Singh Soni purchased 50,000 shares of the firm’s stock in a transaction on Thursday, June 4th. The shares were acquired at an average price of $14.45 per share, for a total transaction of $722,500.00. Following the purchase, the chief financial officer directly owned 3,123,603 shares of the company’s stock, valued at approximately $45,136,063.35. This represents a 1.63% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 7,870,000 shares of company stock valued at $103,616,900 over the last ninety days. 83.50% of the stock is owned by company insiders.
Summit Therapeutics Price Performance
Summit Therapeutics (NASDAQ:SMMT – Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Equities analysts expect that Summit Therapeutics PLC will post -1.2 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
SMMT has been the topic of a number of research reports. Guggenheim dropped their target price on Summit Therapeutics from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, July 24th. KeyCorp restated an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. Sanford C. Bernstein upgraded shares of Summit Therapeutics from an “underperform” rating to a “market perform” rating and upped their price objective for the company from $9.80 to $11.90 in a research note on Tuesday. Leerink Partners upgraded shares of Summit Therapeutics from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $12.00 to $13.00 in a research report on Wednesday, August 12th. Finally, HC Wainwright reissued a “neutral” rating on shares of Summit Therapeutics in a research note on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $24.07.
View Our Latest Stock Analysis on Summit Therapeutics
Summit Therapeutics Profile
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.
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