Hsbc Holdings PLC Invests $1.78 Million in Summit Therapeutics PLC $SMMT

Hsbc Holdings PLC bought a new position in shares of Summit Therapeutics PLC (NASDAQ:SMMT) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 120,560 shares of the company’s stock, valued at approximately $1,784,000.

Several other hedge funds and other institutional investors have also bought and sold shares of SMMT. Ball & Co Wealth Management Inc. bought a new stake in Summit Therapeutics during the first quarter valued at $28,000. Kestra Advisory Services LLC acquired a new position in shares of Summit Therapeutics in the 4th quarter valued at about $28,000. T. Rowe Price Investment Management Inc. lifted its stake in shares of Summit Therapeutics by 2,654.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after purchasing an additional 1,805 shares during the period. Parallel Advisors LLC bought a new stake in shares of Summit Therapeutics during the 3rd quarter valued at about $39,000. Finally, Truvestments Capital LLC boosted its position in shares of Summit Therapeutics by 200.2% during the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock valued at $46,000 after purchasing an additional 1,736 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

Insider Buying and Selling

In other Summit Therapeutics news, CFO Manmeet Singh Soni acquired 50,000 shares of the stock in a transaction on Thursday, June 4th. The shares were purchased at an average price of $14.45 per share, for a total transaction of $722,500.00. Following the completion of the acquisition, the chief financial officer owned 3,123,603 shares in the company, valued at approximately $45,136,063.35. This represents a 1.63% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mahkam Zanganeh acquired 3,810,000 shares of the stock in a transaction on Friday, June 12th. The shares were acquired at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following 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. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 7,870,000 shares of company stock worth $103,616,900 in the last ninety days. Corporate insiders own 83.50% of the company’s stock.

Analyst Ratings Changes

SMMT has been the subject of a number of research analyst reports. Summit Redstone set a $11.90 target price on Summit Therapeutics in a report on Tuesday, August 25th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research report on Friday, July 24th. Guggenheim reiterated a “buy” rating on shares of Summit Therapeutics in a research note on Wednesday. KeyCorp reiterated an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Finally, HC Wainwright reissued a “neutral” rating on shares of Summit Therapeutics in a research note on Wednesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Summit Therapeutics currently has an average rating of “Hold” and a consensus price target of $24.07.

Summit Therapeutics Stock Performance

SMMT stock opened at $13.73 on Monday. The stock’s 50 day simple moving average is $14.12 and its 200 day simple moving average is $16.16. The company has a market cap of $10.95 billion, a P/E ratio of -12.26 and a beta of -1.23. Summit Therapeutics PLC has a fifty-two week low of $12.07 and a fifty-two week high of $29.23.

Summit Therapeutics (NASDAQ:SMMT) 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 predict that Summit Therapeutics PLC will post -1.2 earnings per share for the current year.

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.