Polymer Capital Management HK LTD Makes New Investment in Summit Therapeutics PLC $SMMT

Polymer Capital Management HK LTD bought a new position in Summit Therapeutics PLC (NASDAQ:SMMT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 224,853 shares of the company’s stock, valued at approximately $3,276,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Baker BROS. Advisors LP raised its stake 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 valued at $636,480,000 after purchasing an additional 2,668,089 shares during the period. BlackRock Inc. purchased a new stake in shares of Summit Therapeutics in the second quarter valued at $138,838,000. Price T Rowe Associates Inc. MD boosted its position in shares of Summit Therapeutics by 106.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock worth $163,907,000 after buying an additional 4,832,592 shares during the period. State Street Corp boosted its position in shares of Summit Therapeutics by 4.3% in the fourth quarter. State Street Corp now owns 6,636,361 shares of the company’s stock worth $116,070,000 after buying an additional 274,425 shares during the period. Finally, Geode Capital Management LLC raised its position in Summit Therapeutics by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 3,147,480 shares of the company’s stock valued at $55,063,000 after buying an additional 14,745 shares during the period. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Stock Performance

SMMT opened at $13.16 on Monday. The stock has a 50-day moving average of $14.15 and a 200-day moving average of $16.19. Summit Therapeutics PLC has a 52-week low of $12.07 and a 52-week high of $30.05. The company has a market cap of $10.50 billion, a PE ratio of -11.75 and a beta of -1.23.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results 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). On average, research analysts predict that Summit Therapeutics PLC will post -1.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SMMT has been the topic of a number of research reports. Sanford C. Bernstein began coverage on Summit Therapeutics in a report on Thursday, May 21st. They issued an “underperform” rating and a $7.70 target price on the stock. Jefferies Financial Group set a $15.00 price target on shares of Summit Therapeutics in a research note on Friday, July 24th. Stifel Nicolaus lowered their target price on Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating on the stock in a research note on Friday, July 24th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a report on Friday, July 24th. Finally, Wall Street Zen cut shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, July 18th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $24.25.

Insider Buying and Selling

In other news, CEO Robert W. Duggan bought 3,810,000 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were acquired 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 owned 573,883,879 shares of the company’s stock, valued at $7,529,356,492.48. This represents a 0.67% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Manmeet Singh Soni bought 50,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was purchased at an average price of $14.45 per share, for a total transaction of $722,500.00. Following the completion of the purchase, the chief financial officer directly owned 3,123,603 shares in the company, valued at $45,136,063.35. The trade was a 1.63% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders bought 7,870,000 shares of company stock valued at $103,616,900. 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.