Profund Advisors LLC Has $844,000 Stake in Summit Therapeutics PLC $SMMT

Profund Advisors LLC reduced its position in shares of Summit Therapeutics PLC (NASDAQ:SMMT) by 16.0% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 39,640 shares of the company’s stock after selling 7,544 shares during the quarter. Profund Advisors LLC’s holdings in Summit Therapeutics were worth $844,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Rockland Trust Co. bought a new stake in Summit Therapeutics in the 2nd quarter valued at approximately $8,512,000. APEIRON CAPITAL Ltd acquired a new stake in shares of Summit Therapeutics in the second quarter valued at approximately $25,556,000. Siren L.L.C. bought a new stake in shares of Summit Therapeutics in the first quarter worth $13,407,000. Focus Partners Wealth boosted its holdings in Summit Therapeutics by 145,546.6% during the first quarter. Focus Partners Wealth now owns 84,475 shares of the company’s stock worth $1,630,000 after purchasing an additional 84,417 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in Summit Therapeutics by 20.1% in the first quarter. Principal Financial Group Inc. now owns 246,429 shares of the company’s stock valued at $4,754,000 after purchasing an additional 41,279 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Stock Performance

NASDAQ SMMT opened at $19.16 on Wednesday. The stock has a market cap of $14.78 billion, a PE ratio of -15.45 and a beta of -1.21. The firm has a 50-day moving average of $20.11 and a 200-day moving average of $22.87. Summit Therapeutics PLC has a 52-week low of $15.55 and a 52-week high of $36.91.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data 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, analysts predict that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SMMT. Wall Street Zen cut Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, August 16th. HC Wainwright dropped their price objective on Summit Therapeutics from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, October 21st. JMP Securities restated a “market outperform” rating and set a $40.00 target price on shares of Summit Therapeutics in a report on Monday, October 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Wednesday, October 8th. Finally, Evercore ISI upped their target price on shares of Summit Therapeutics from $30.00 to $34.00 and gave the company an “outperform” rating in a report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.14.

Insider Transactions at Summit Therapeutics

In other Summit Therapeutics news, Director Yu Xia bought 533,617 shares of Summit Therapeutics stock in a transaction dated Tuesday, October 21st. The stock was bought at an average price of $18.74 per share, with a total value of $9,999,982.58. Following the completion of the transaction, the director owned 32,057,147 shares in the company, valued at $600,750,934.78. The trade was a 1.69% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Mahkam Zanganeh purchased 333,394 shares of the firm’s stock in a transaction that occurred on Wednesday, September 10th. The stock was acquired 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 directly owned 556,088,090 shares of the company’s stock, valued at $9,831,637,431.20. This represents a 0.06% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have bought 1,263,765 shares of company stock worth $22,969,461. Company insiders own 84.90% of the company’s stock.

Summit Therapeutics Company 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.