Summit Therapeutics PLC $SMMT Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA reduced its position in shares of Summit Therapeutics PLC (NASDAQ:SMMT) by 4.4% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,323,179 shares of the company’s stock after selling 60,596 shares during the period. Pictet Asset Management Holding SA’s holdings in Summit Therapeutics were worth $23,963,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Baker BROS. Advisors LP raised its holdings in shares of Summit Therapeutics by 7.9% in the 4th quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock valued at $636,480,000 after buying an additional 2,668,089 shares during the period. Price T Rowe Associates Inc. MD boosted its stake 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 valued at $163,907,000 after purchasing an additional 4,832,592 shares during the period. State Street Corp boosted its stake 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 valued at $116,070,000 after purchasing an additional 274,425 shares during the period. Geode Capital Management LLC grew its holdings in shares of Summit Therapeutics by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 3,147,480 shares of the company’s stock valued at $55,063,000 after purchasing an additional 14,745 shares in the last quarter. Finally, Polymer Capital Management HK LTD grew its holdings in shares of Summit Therapeutics by 73.9% in the fourth quarter. Polymer Capital Management HK LTD now owns 1,421,155 shares of the company’s stock valued at $24,856,000 after purchasing an additional 603,879 shares in the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Mahkam Zanganeh acquired 3,810,000 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was bought at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the transaction, the chief executive officer owned 573,883,879 shares of the company’s stock, valued at $7,529,356,492.48. The trade was a 0.67% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Robert W. Duggan bought 3,810,000 shares of the stock in a transaction on Friday, June 12th. The stock was bought at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the completion of the purchase, the chief executive officer directly owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. The trade was a 0.67% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 7,870,000 shares of company stock valued at $103,616,900 over the last quarter. 83.50% of the stock is currently owned by insiders.

Summit Therapeutics Price Performance

NASDAQ SMMT opened at $14.38 on Thursday. The company has a fifty day moving average of $16.81 and a two-hundred day moving average of $17.00. The company has a market capitalization of $11.16 billion, a PE ratio of -8.99 and a beta of -1.26. Summit Therapeutics PLC has a 1 year low of $12.55 and a 1 year high of $30.98.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Friday, May 1st. The company reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.03. On average, research analysts expect that Summit Therapeutics PLC will post -1.18 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Jefferies Financial Group downgraded shares of Summit Therapeutics from a “buy” rating to a “hold” rating and dropped their price target for the stock from $42.00 to $15.00 in a research note on Monday, March 16th. Citigroup started coverage on Summit Therapeutics in a research note on Wednesday, April 8th. They set a “buy” rating for the company. Zacks Research raised Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. Wall Street Zen cut shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Monday, May 18th. Finally, KeyCorp reiterated an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $26.97.

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.