Profund Advisors LLC Sells 7,544 Shares of Summit Therapeutics PLC $SMMT

Profund Advisors LLC cut its position in shares of Summit Therapeutics PLC (NASDAQ:SMMT) by 16.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Ball & Co Wealth Management Inc. acquired a new position in shares of Summit Therapeutics in the second quarter valued at $31,000. CWM LLC lifted its position in shares of 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 buying an additional 1,624 shares during the period. AlphaQuest LLC bought a new stake in Summit Therapeutics in the first quarter valued at $49,000. IFP Advisors Inc lifted its holdings in shares of Summit Therapeutics by 4,264.0% during the second quarter. IFP Advisors Inc now owns 4,364 shares of the company’s stock valued at $93,000 after acquiring an additional 4,264 shares during the period. Finally, Amalgamated Bank grew its stake in Summit Therapeutics by 149.4% during the second quarter. Amalgamated Bank now owns 7,943 shares of the company’s stock worth $169,000 after buying an additional 4,758 shares during the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Stock Up 4.7%

Shares of NASDAQ SMMT opened at $19.16 on Wednesday. Summit Therapeutics PLC has a twelve month low of $15.55 and a twelve month high of $36.91. The stock has a market cap of $14.78 billion, a price-to-earnings ratio of -15.45 and a beta of -1.21. The company’s fifty day moving average is $20.11 and its 200-day moving average is $22.87.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Monday, October 20th. The company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.17). On average, research analysts anticipate that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal year.

Insider Activity

In related news, CEO Mahkam Zanganeh bought 333,394 shares of the company’s stock in a transaction on Wednesday, September 10th. The shares were purchased at an average cost of $17.68 per share, for a total transaction of $5,894,405.92. Following the acquisition, 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 purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Yu Xia purchased 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 acquisition, the director directly owned 32,057,147 shares of the company’s stock, valued at approximately $600,750,934.78. This trade represents a 1.69% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired 1,263,765 shares of company stock worth $22,969,461 in the last 90 days. Corporate insiders own 84.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on SMMT shares. JMP Securities reaffirmed a “market outperform” rating and set a $40.00 price target on shares of Summit Therapeutics in a report on Monday, October 20th. Evercore ISI raised their price target 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. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Wednesday, October 8th. Citigroup boosted their price objective on Summit Therapeutics from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, October 20th. Finally, Guggenheim reissued a “buy” rating and set a $40.00 price target on shares of Summit Therapeutics in a research note on Wednesday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.