Norges Bank Takes $24.03 Million Position in Summit Therapeutics PLC $SMMT

Norges Bank acquired a new stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,373,943 shares of the company’s stock, valued at approximately $24,030,000. Norges Bank owned about 0.18% of Summit Therapeutics as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Eurizon Capital SGR S.p.A. acquired a new stake in Summit Therapeutics in the 4th quarter valued at approximately $449,000. Geode Capital Management LLC grew its holdings in Summit Therapeutics by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 3,147,480 shares of the company’s stock valued at $55,063,000 after buying an additional 14,745 shares during the last quarter. Sectoral Asset Management Inc. grew its holdings in Summit Therapeutics by 7.5% in the 4th quarter. Sectoral Asset Management Inc. now owns 79,625 shares of the company’s stock valued at $1,393,000 after buying an additional 5,555 shares during the last quarter. Jefferies Financial Group Inc. grew its holdings in Summit Therapeutics by 566.7% in the 4th quarter. Jefferies Financial Group Inc. now owns 100,000 shares of the company’s stock valued at $1,749,000 after buying an additional 85,000 shares during the last quarter. Finally, Griffin Asset Management Inc. grew its holdings in Summit Therapeutics by 39.4% in the 4th quarter. Griffin Asset Management Inc. now owns 195,547 shares of the company’s stock valued at $3,420,000 after buying an additional 55,265 shares during the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Stock Performance

Shares of SMMT opened at $14.29 on Wednesday. The stock has a fifty day moving average price of $18.85 and a two-hundred day moving average price of $17.42. Summit Therapeutics PLC has a 52-week low of $13.81 and a 52-week high of $30.98. The company has a market cap of $11.09 billion, a price-to-earnings ratio of -8.93 and a beta of -1.32.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data on Friday, May 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.03. As a group, research analysts predict that Summit Therapeutics PLC will post -1.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have commented on SMMT. Wall Street Zen downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday, May 18th. KeyCorp reiterated an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Stifel Nicolaus began coverage on Summit Therapeutics in a research report on Wednesday, April 8th. They issued a “buy” rating and a $45.00 price objective for the company. HC Wainwright downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. Finally, Piper Sandler reduced their price objective on Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $26.05.

Insider Transactions at Summit Therapeutics

In related news, CEO Robert W. Duggan acquired 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The stock was acquired at an average cost of $14.60 per share, with a total value of $1,460,000.00. Following the completion of the purchase, the chief executive officer directly owned 25,824,474 shares in the company, valued at approximately $377,037,320.40. This trade represents a 0.39% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mahkam Zanganeh bought 100,000 shares of the firm’s stock in a transaction on Thursday, June 4th. The stock was acquired at an average cost of $14.60 per share, with a total value of $1,460,000.00. Following the completion of the purchase, the chief executive officer owned 25,824,474 shares of the company’s stock, valued at approximately $377,037,320.40. This trade represents a 0.39% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 250,000 shares of company stock worth $3,642,500 over the last 90 days. 83.50% of the stock is owned by insiders.

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.