Elmind Capital LP Acquires New Holdings in Summit Therapeutics PLC $SMMT

Elmind Capital LP bought a new stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT) in the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 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. Elmind Capital LP owned 0.06% of Summit Therapeutics at the end of the most recent quarter.

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

Summit Therapeutics Stock Performance

SMMT opened at $13.36 on Wednesday. The company has a market capitalization of $10.66 billion, a PE ratio of -11.93 and a beta of -1.23. The stock’s fifty day moving average is $14.11 and its 200-day moving average is $16.17. Summit Therapeutics PLC has a one year low of $12.07 and a one year high of $30.05.

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

Insider Activity at Summit Therapeutics

In related news, CFO Manmeet Singh Soni purchased 50,000 shares of the company’s stock in a transaction on Thursday, June 4th. The shares were bought at an average price of $14.45 per share, with a total value of $722,500.00. Following the completion of the acquisition, the chief financial officer 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. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Mahkam Zanganeh acquired 3,810,000 shares of Summit Therapeutics stock in a transaction dated Friday, June 12th. The shares were bought at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the purchase, the chief executive officer owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. This represents a 0.67% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 7,870,000 shares of company stock valued at $103,616,900 over the last ninety days. Insiders own 83.50% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a report on Friday, July 24th. Summit Redstone set a $11.90 price objective on shares of Summit Therapeutics in a report on Tuesday. HC Wainwright reiterated a “neutral” rating on shares of Summit Therapeutics in a research report on Tuesday, August 18th. Leerink Partners raised shares of Summit Therapeutics from an “underperform” rating to a “market perform” rating and raised their target price for the company from $12.00 to $13.00 in a research note on Wednesday, August 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $24.07.

About Summit Therapeutics

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.