Baker BROS. Advisors LP Purchases 2,668,089 Shares of Summit Therapeutics PLC $SMMT

Baker BROS. Advisors LP lifted its position in shares of Summit Therapeutics PLC (NASDAQ:SMMT) by 7.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,391,063 shares of the company’s stock after acquiring an additional 2,668,089 shares during the quarter. Summit Therapeutics makes up approximately 3.7% of Baker BROS. Advisors LP’s portfolio, making the stock its 9th biggest position. Baker BROS. Advisors LP’s holdings in Summit Therapeutics were worth $636,480,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Tudor Investment Corp ET AL acquired a new position in Summit Therapeutics during the 3rd quarter worth about $7,174,000. Vanguard Group Inc. lifted its holdings in Summit Therapeutics by 31.2% during the 3rd quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock worth $235,105,000 after buying an additional 2,706,056 shares during the period. WINTON GROUP Ltd acquired a new position in Summit Therapeutics during the 3rd quarter worth about $1,341,000. Assenagon Asset Management S.A. acquired a new position in Summit Therapeutics during the 4th quarter worth about $1,043,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its holdings in Summit Therapeutics by 409.2% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 338,363 shares of the company’s stock worth $6,991,000 after buying an additional 271,912 shares during the period. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock opened at $14.07 on Thursday. Summit Therapeutics PLC has a one year low of $12.55 and a one year high of $30.98. The firm has a market capitalization of $10.92 billion, a price-to-earnings ratio of -8.79 and a beta of -1.32. The business has a 50-day simple moving average of $18.25 and a 200 day simple moving average of $17.27.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Friday, May 1st. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.03. On average, sell-side analysts expect that Summit Therapeutics PLC will post -1.18 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a research note on Friday, May 22nd. Citigroup assumed coverage on Summit Therapeutics in a research note on Wednesday, April 8th. They issued a “buy” rating on the stock. Truist Financial raised Summit Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. HC Wainwright downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating in a research note on Friday, May 22nd. Finally, Jefferies Financial Group downgraded Summit Therapeutics from a “buy” rating to a “hold” rating and dropped their price objective for the company from $42.00 to $15.00 in a research note on Monday, March 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $27.23.

Insider Activity at Summit Therapeutics

In other news, CFO Manmeet Singh Soni bought 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The stock was acquired at an average cost of $14.45 per share, with a total value of $722,500.00. Following the transaction, the chief financial officer directly 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 position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mahkam Zanganeh bought 3,810,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 573,883,879 shares in the company, valued at $7,529,356,492.48. This represents a 0.67% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought 7,870,000 shares of company stock valued at $103,616,900 in the last three months. Corporate insiders own 83.50% of the company’s stock.

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.