Wellington Management Group LLP Increases Stock Position in Summit Therapeutics PLC $SMMT

Wellington Management Group LLP increased its position in shares of Summit Therapeutics PLC (NASDAQ:SMMT) by 21.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 441,934 shares of the company’s stock after buying an additional 79,076 shares during the period. Wellington Management Group LLP’s holdings in Summit Therapeutics were worth $6,439,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SMMT. BlackRock Inc. acquired a new stake in shares of Summit Therapeutics during the second quarter valued at about $138,838,000. Price T Rowe Associates Inc. MD grew its stake in Summit Therapeutics by 106.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock valued at $163,907,000 after purchasing an additional 4,832,592 shares in the last quarter. Baker BROS. Advisors LP increased its holdings in Summit Therapeutics by 7.9% during the 4th quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock worth $636,480,000 after purchasing an additional 2,668,089 shares during the last quarter. Norges Bank purchased a new stake in Summit Therapeutics during the 4th quarter worth approximately $24,030,000. Finally, Bank of America Corp DE acquired a new position in shares of Summit Therapeutics in the 2nd quarter valued at approximately $12,603,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Trading Down 1.8%

NASDAQ:SMMT opened at $17.28 on Wednesday. The firm has a market capitalization of $13.79 billion, a PE ratio of -15.43 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. The stock has a 50 day moving average of $14.36 and a 200-day moving average of $16.20.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data 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). As a group, analysts predict that Summit Therapeutics PLC will post -1.2 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Friday, July 17th. Summit Redstone set a $11.90 price target on Summit Therapeutics in a report on Tuesday, August 25th. Leerink Partners upgraded Summit Therapeutics from an “underperform” rating to a “market perform” rating and raised their price objective for the stock from $12.00 to $13.00 in a research note on Wednesday, August 12th. KeyCorp restated an “overweight” rating on shares of Summit Therapeutics in a research note on Monday, June 1st. Finally, HC Wainwright reaffirmed a “neutral” rating on shares of Summit Therapeutics in a report on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Summit Therapeutics currently has an average rating of “Hold” and a consensus price target of $24.82.

Insiders Place Their Bets

In other news, CEO Robert Duggan purchased 3,810,000 shares of Summit Therapeutics stock in a transaction dated Friday, June 12th. The stock was bought at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the acquisition, the chief executive officer owned 573,883,879 shares in the company, valued at $7,529,356,492.48. The trade was a 0.67% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mahkam Zanganeh purchased 3,810,000 shares of the stock in a transaction dated Friday, June 12th. The shares were purchased at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the transaction, the chief executive officer directly 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. The disclosure for this purchase is available in the SEC filing. Company 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.