Griffin Asset Management Inc. Boosts Stake in Summit Therapeutics PLC $SMMT

Griffin Asset Management Inc. lifted its holdings in Summit Therapeutics PLC (NASDAQ:SMMT) by 39.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 195,547 shares of the company’s stock after purchasing an additional 55,265 shares during the quarter. Griffin Asset Management Inc.’s holdings in Summit Therapeutics were worth $3,420,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of SMMT. Vanguard Group Inc. increased its position in Summit Therapeutics by 31.2% during the third quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock valued at $235,105,000 after acquiring an additional 2,706,056 shares during the last quarter. Tudor Investment Corp ET AL purchased a new stake in Summit Therapeutics during the third quarter valued at $7,174,000. Skandinaviska Enskilda Banken AB publ increased its position in Summit Therapeutics by 409.2% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 338,363 shares of the company’s stock valued at $6,991,000 after acquiring an additional 271,912 shares during the last quarter. Marshall Wace LLP purchased a new stake in Summit Therapeutics during the second quarter valued at $5,781,000. Finally, HRT Financial LP purchased a new stake in Summit Therapeutics during the second quarter valued at $5,143,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Stock Performance

NASDAQ:SMMT opened at $17.89 on Thursday. The stock has a 50-day simple moving average of $18.89 and a two-hundred day simple moving average of $17.62. Summit Therapeutics PLC has a 52-week low of $13.83 and a 52-week high of $30.98. The firm has a market capitalization of $13.89 billion, a PE ratio of -11.18 and a beta of -1.25.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.03. Equities analysts forecast that Summit Therapeutics PLC will post -1.17 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Citigroup assumed coverage on Summit Therapeutics in a research report on Wednesday, April 8th. They set a “buy” rating for the company. Wall Street Zen cut Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday. HC Wainwright reduced their price objective on Summit Therapeutics from $30.00 to $23.00 and set a “buy” rating for the company in a research report on Monday, May 4th. Piper Sandler cut their price target on Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Friday, May 1st. Finally, Truist Financial raised Summit Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Summit Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $27.58.

Summit Therapeutics Company 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.