Summit Therapeutics PLC $SMMT Stock Holdings Raised by Orion Porfolio Solutions LLC

Orion Porfolio Solutions LLC raised its position in shares of Summit Therapeutics PLC (NASDAQ:SMMT) by 130.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 52,964 shares of the company’s stock after buying an additional 29,994 shares during the quarter. Orion Porfolio Solutions LLC’s holdings in Summit Therapeutics were worth $1,127,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Summit Therapeutics in the 2nd quarter worth approximately $29,576,000. APEIRON CAPITAL Ltd bought a new stake in Summit Therapeutics during the second quarter worth approximately $25,556,000. Fiera Capital Corp acquired a new stake in shares of Summit Therapeutics in the second quarter valued at $16,659,000. Siren L.L.C. acquired a new stake in shares of Summit Therapeutics in the first quarter valued at $13,407,000. Finally, Bank of America Corp DE boosted its stake in Summit Therapeutics by 53.3% during the second quarter. Bank of America Corp DE now owns 566,147 shares of the company’s stock valued at $12,048,000 after buying an additional 196,925 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. JMP Securities reissued a “market outperform” rating and issued a $40.00 price target on shares of Summit Therapeutics in a report on Monday, October 20th. Zacks Research raised shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. Guggenheim restated a “buy” rating and set a $40.00 target price on shares of Summit Therapeutics in a report on Wednesday, October 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Wednesday, October 8th. Finally, Wolfe Research began coverage on Summit Therapeutics in a research report on Tuesday, November 18th. They set a “peer perform” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $31.77.

Insiders Place Their Bets

In related news, CEO Mahkam Zanganeh purchased 26,680 shares of Summit Therapeutics stock in a transaction dated Tuesday, October 21st. The stock was acquired at an average cost of $18.74 per share, with a total value of $499,983.20. Following the completion of the transaction, the chief executive officer directly owned 76,680 shares of the company’s stock, valued at $1,436,983.20. This trade represents a 53.36% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Yu Xia purchased 533,617 shares of the firm’s stock in a transaction that occurred on Tuesday, October 21st. The shares were bought at an average price of $18.74 per share, with a total value of $9,999,982.58. Following the completion of the acquisition, the director owned 32,057,147 shares of the company’s stock, valued at $600,750,934.78. This trade represents a 1.69% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders acquired 586,977 shares of company stock worth $10,999,949. 84.90% of the stock is currently owned by company insiders.

Summit Therapeutics Stock Performance

NASDAQ SMMT opened at $18.15 on Tuesday. The firm’s 50 day moving average price is $18.34 and its two-hundred day moving average price is $21.58. Summit Therapeutics PLC has a twelve month low of $15.55 and a twelve month high of $36.91. The stock has a market cap of $14.00 billion, a price-to-earnings ratio of -14.64 and a beta of -1.52.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Monday, October 20th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.17). On average, research analysts forecast that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal 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.