Farther Finance Advisors LLC Purchases New Shares in Summit Therapeutics PLC $SMMT

Farther Finance Advisors LLC purchased a new position in shares of Summit Therapeutics PLC (NASDAQ:SMMT) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 55,236 shares of the company’s stock, valued at approximately $1,141,000.

A number of other institutional investors have also recently added to or reduced their stakes in SMMT. Norges Bank acquired a new stake in shares of Summit Therapeutics during the second quarter valued at about $29,576,000. APEIRON CAPITAL Ltd acquired a new stake in Summit Therapeutics during the 2nd quarter valued at approximately $25,556,000. Fiera Capital Corp acquired a new stake in Summit Therapeutics during the 2nd quarter valued at approximately $16,659,000. Siren L.L.C. purchased a new stake in Summit Therapeutics during the 1st quarter worth approximately $13,407,000. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of Summit Therapeutics in the 1st quarter valued at approximately $10,378,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SMMT shares. HC Wainwright decreased their price target on shares of Summit Therapeutics from $50.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, October 21st. Barclays raised shares of Summit Therapeutics from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $16.00 to $18.00 in a report on Wednesday, December 17th. Wolfe Research initiated coverage on shares of Summit Therapeutics in a research report on Tuesday, November 18th. They issued a “peer perform” rating for the company. Guggenheim reaffirmed a “buy” rating and set a $40.00 price target on shares of Summit Therapeutics in a research report on Wednesday, October 22nd. Finally, Summit Redstone set a $18.00 price target on Summit Therapeutics in a research note on Wednesday, December 17th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $31.77.

Insider Transactions at Summit Therapeutics

In related news, CEO Mahkam Zanganeh purchased 26,680 shares of the business’s stock in a transaction that occurred on Tuesday, October 21st. The shares were acquired at an average price of $18.74 per share, with a total value of $499,983.20. Following the acquisition, the chief executive officer owned 76,680 shares in the company, valued at approximately $1,436,983.20. This trade represents a 53.36% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Robert W. Duggan acquired 26,680 shares of Summit Therapeutics 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 $499,983.20. Following the transaction, the chief executive officer directly owned 76,680 shares in the company, valued at approximately $1,436,983.20. This trade represents a 53.36% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have purchased 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

Shares of NASDAQ:SMMT opened at $18.14 on Monday. The company’s fifty day moving average is $18.05 and its two-hundred day moving average is $21.51. Summit Therapeutics PLC has a 1-year low of $15.55 and a 1-year high of $36.91. The stock has a market capitalization of $13.99 billion, a price-to-earnings ratio of -14.63 and a beta of -1.52.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data on Monday, October 20th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.17). Sell-side analysts expect 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.