Seven Fleet Capital Management LP Invests $1.09 Million in Summit Therapeutics PLC $SMMT

Seven Fleet Capital Management LP acquired a new position in Summit Therapeutics PLC (NASDAQ:SMMT) during the second quarter, HoldingsChannel.com reports. The fund acquired 73,300 shares of the company’s stock, valued at approximately $1,091,000.

Several other institutional investors have also added to or reduced their stakes in SMMT. Bank of America Corp DE acquired a new stake in Summit Therapeutics during the 2nd quarter valued at approximately $12,603,000. Elmind Capital LP acquired a new position in shares of Summit Therapeutics in the 2nd quarter worth approximately $7,194,957. ADAR1 Capital Management LLC acquired a new position in shares of Summit Therapeutics in the 2nd quarter worth approximately $2,796,000. Hsbc Holdings PLC acquired a new position in shares of Summit Therapeutics in the 2nd quarter worth approximately $1,784,000. Finally, Osterweis Capital Management Inc. bought a new stake in shares of Summit Therapeutics in the 2nd quarter valued at $73,000. 4.61% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Guggenheim reiterated a “buy” rating on shares of Summit Therapeutics in a research report on Wednesday, August 26th. Wall Street Zen raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday. Jefferies Financial Group set a $15.00 price target on Summit Therapeutics in a report on Friday, July 24th. Leerink Partners raised Summit Therapeutics from an “underperform” rating to a “market perform” rating and lifted their price objective for the stock from $12.00 to $13.00 in a research report on Wednesday, August 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Summit Therapeutics has a consensus rating of “Hold” and an average price target of $24.07.

Summit Therapeutics Stock Up 2.7%

Shares of SMMT stock opened at $17.60 on Friday. The firm has a 50 day moving average of $14.24 and a 200-day moving average of $16.17. The company has a market cap of $14.04 billion, a price-to-earnings ratio of -15.71 and a beta of -1.24. Summit Therapeutics PLC has a 52 week low of $12.07 and a 52 week high of $29.23.

Summit Therapeutics (NASDAQ:SMMT) last released its 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). Analysts anticipate that Summit Therapeutics PLC will post -1.2 earnings per share for the current year.

Insider Buying and Selling at Summit Therapeutics

In related news, CEO Mahkam Zanganeh purchased 3,810,000 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was purchased 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 trade represents a 0.67% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert Duggan acquired 3,810,000 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were bought 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 directly owned 573,883,879 shares of the company’s stock, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 83.50% of the company’s stock.

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.