Summit Therapeutics PLC $SMMT Shares Sold by Virtus Investment Advisers LLC

Virtus Investment Advisers LLC cut its holdings in shares of Summit Therapeutics PLC (NASDAQ:SMMT) by 49.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,664 shares of the company’s stock after selling 4,528 shares during the period. Virtus Investment Advisers LLC’s holdings in Summit Therapeutics were worth $99,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Rockland Trust Co. acquired a new position in shares of Summit Therapeutics during the second quarter valued at $8,512,000. APEIRON CAPITAL Ltd bought a new stake in Summit Therapeutics in the 2nd quarter valued at about $25,556,000. Siren L.L.C. acquired a new position in Summit Therapeutics during the 1st quarter valued at about $13,407,000. Focus Partners Wealth grew its position in Summit Therapeutics by 145,546.6% in the 1st quarter. Focus Partners Wealth now owns 84,475 shares of the company’s stock worth $1,630,000 after purchasing an additional 84,417 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Summit Therapeutics in the second quarter valued at approximately $225,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SMMT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a report on Wednesday, October 8th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research note on Monday, September 8th. JMP Securities reiterated a “market outperform” rating and set a $40.00 price target on shares of Summit Therapeutics in a research report on Monday, October 20th. HC Wainwright lowered their price target on Summit Therapeutics from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, October 21st. Finally, Wolfe Research initiated coverage on shares of Summit Therapeutics in a research note on Tuesday, November 18th. They set a “peer perform” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $31.14.

Insiders Place Their Bets

In other news, Director Yu Xia bought 533,617 shares of the firm’s stock in a transaction on Tuesday, October 21st. The stock was bought at an average cost of $18.74 per share, for a total transaction of $9,999,982.58. Following the completion of the acquisition, the director directly owned 32,057,147 shares in the company, valued at $600,750,934.78. This represents a 1.69% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Robert W. Duggan purchased 333,394 shares of the business’s stock in a transaction dated Wednesday, September 10th. The shares were purchased at an average price of $17.68 per share, for a total transaction of $5,894,405.92. Following the acquisition, the chief executive officer directly owned 556,088,090 shares of the company’s stock, valued at $9,831,637,431.20. This trade represents a 0.06% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 1,263,765 shares of company stock worth $22,969,461 over the last ninety days. 84.90% of the stock is currently owned by company insiders.

Summit Therapeutics Stock Performance

NASDAQ SMMT opened at $17.90 on Friday. The stock has a market capitalization of $13.80 billion, a P/E ratio of -14.43 and a beta of -1.21. The business’s fifty day moving average is $19.45 and its two-hundred day moving average is $22.21. Summit Therapeutics PLC has a 1 year low of $15.55 and a 1 year high of $36.91.

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

About Summit Therapeutics

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company’s lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.