Hsbc Holdings PLC Invests $1.72 Million in Summit Therapeutics PLC $SMMT

Hsbc Holdings PLC acquired a new stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 98,766 shares of the company’s stock, valued at approximately $1,723,000.

Several other large investors have also bought and sold shares of SMMT. Kestra Advisory Services LLC bought a new position in Summit Therapeutics in the 4th quarter valued at approximately $28,000. T. Rowe Price Investment Management Inc. raised its stake in shares of Summit Therapeutics by 2,654.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after purchasing an additional 1,805 shares during the last quarter. Parallel Advisors LLC bought a new position in shares of Summit Therapeutics during the third quarter valued at $39,000. Truvestments Capital LLC lifted its holdings in shares of Summit Therapeutics by 200.2% during the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock valued at $46,000 after purchasing an additional 1,736 shares in the last quarter. Finally, Havemeyer Place LP purchased a new stake in shares of Summit Therapeutics during the fourth quarter valued at $109,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Stock Up 1.7%

Summit Therapeutics stock opened at $14.57 on Wednesday. Summit Therapeutics PLC has a 52-week low of $12.55 and a 52-week high of $30.98. The company has a market cap of $11.31 billion, a P/E ratio of -9.11 and a beta of -1.32. The business has a 50-day simple moving average of $17.02 and a two-hundred day simple moving average of $17.03.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Friday, May 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. Research analysts anticipate that Summit Therapeutics PLC will post -1.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Stifel Nicolaus assumed coverage on Summit Therapeutics in a research report on Wednesday, April 8th. They issued a “buy” rating and a $45.00 target price for the company. KeyCorp reaffirmed an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. Wall Street Zen lowered shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, May 18th. HC Wainwright downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. Finally, Sanford C. Bernstein started coverage on shares of Summit Therapeutics in a research report on Thursday, May 21st. They set an “underperform” rating and a $7.70 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $26.97.

Insider Transactions at Summit Therapeutics

In related news, CEO Mahkam Zanganeh acquired 3,810,000 shares of Summit Therapeutics stock in a transaction dated Friday, June 12th. The stock was purchased at an average cost of $13.12 per share, for a total transaction of $49,987,200.00. Following the purchase, the chief executive officer directly owned 573,883,879 shares of the company’s stock, valued at approximately $7,529,356,492.48. This trade represents a 0.67% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 bought at an average cost of $14.45 per share, for a total transaction of $722,500.00. Following the completion of the acquisition, the chief financial officer owned 3,123,603 shares in the company, valued at $45,136,063.35. This trade represents a 1.63% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 7,870,000 shares of company stock worth $103,616,900 in the last 90 days. 83.50% of the stock is currently owned by insiders.

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.