Quantinno Capital Management LP Raises Stock Position in Summit Therapeutics PLC $SMMT

Quantinno Capital Management LP boosted its stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT) by 415.5% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 73,835 shares of the company’s stock after purchasing an additional 59,512 shares during the period. Quantinno Capital Management LP’s holdings in Summit Therapeutics were worth $1,400,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. AQR Capital Management LLC lifted its holdings in Summit Therapeutics by 5.0% in the first quarter. AQR Capital Management LLC now owns 65,623 shares of the company’s stock valued at $1,266,000 after acquiring an additional 3,134 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Summit Therapeutics by 1.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock valued at $1,273,000 after purchasing an additional 694 shares in the last quarter. Creative Planning increased its holdings in shares of Summit Therapeutics by 6.7% during the 2nd quarter. Creative Planning now owns 21,390 shares of the company’s stock valued at $455,000 after purchasing an additional 1,336 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of Summit Therapeutics by 33.8% in the 2nd quarter. Legal & General Group Plc now owns 26,367 shares of the company’s stock valued at $561,000 after purchasing an additional 6,662 shares during the period. Finally, Quantbot Technologies LP purchased a new stake in Summit Therapeutics during the second quarter worth $132,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on SMMT. Leerink Partners raised 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 note on Wednesday. HC Wainwright restated a “neutral” rating on shares of Summit Therapeutics in a research note on Thursday, August 6th. Wall Street Zen downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, July 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a report on Friday, July 17th. Finally, Guggenheim cut their price objective on Summit Therapeutics from $40.00 to $38.00 and set a “buy” rating for the company in a research report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $24.25.

Summit Therapeutics Trading Down 7.3%

Shares of NASDAQ SMMT opened at $14.00 on Friday. Summit Therapeutics PLC has a 12-month low of $12.25 and a 12-month high of $30.05. The stock has a market cap of $11.17 billion, a PE ratio of -12.50 and a beta of -1.23. The company has a 50-day moving average of $14.26 and a 200 day moving average of $16.30.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). On average, sell-side analysts forecast that Summit Therapeutics PLC will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling at Summit Therapeutics

In other Summit Therapeutics news, CEO Robert W. Duggan acquired 3,810,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were purchased at an average cost of $13.12 per share, for a total transaction of $49,987,200.00. Following the completion of the acquisition, the chief executive officer owned 573,883,879 shares of the company’s stock, valued at approximately $7,529,356,492.48. The trade was a 0.67% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Manmeet Singh Soni purchased 50,000 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was acquired at an average cost of $14.45 per share, for a total transaction of $722,500.00. Following the purchase, the chief financial officer owned 3,123,603 shares in the company, valued at approximately $45,136,063.35. The trade was a 1.63% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 7,870,000 shares of company stock worth $103,616,900 in the last ninety days. 83.50% of the stock is owned by insiders.

Summit Therapeutics Company 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.