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

by · The Cerbat Gem

Virtus Investment Advisers LLC lowered its position in Summit Therapeutics PLC (NASDAQ:SMMT – Free Report) by 49.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,664 shares of the company’s stock after selling 4,528 shares during the quarter. Virtus Investment Advisers LLC’s holdings in Summit Therapeutics were worth $99,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in SMMT. Norges Bank purchased a new position in Summit Therapeutics during the 2nd quarter valued at about $29,576,000. APEIRON CAPITAL Ltd acquired a new stake in shares of Summit Therapeutics in the second quarter valued at approximately $25,556,000. Fiera Capital Corp acquired a new stake in shares of Summit Therapeutics in the second quarter valued at approximately $16,659,000. Siren L.L.C. purchased a new position in shares of Summit Therapeutics during the 1st quarter worth approximately $13,407,000. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of Summit Therapeutics during the 1st quarter worth approximately $10,378,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Summit Therapeutics

In other news, Director Yu Xia purchased 533,617 shares of the stock in a transaction on Tuesday, October 21st. The stock was purchased at an average price of $18.74 per share, with a total value of $9,999,982.58. Following the completion of the transaction, the director owned 32,057,147 shares in the company, valued at approximately $600,750,934.78. The trade was a 1.69% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mahkam Zanganeh acquired 333,394 shares of the business’s stock in a transaction dated Wednesday, September 10th. The stock was purchased at an average price of $17.68 per share, for a total transaction of $5,894,405.92. Following the completion of the acquisition, the chief executive officer owned 556,088,090 shares in the company, valued at approximately $9,831,637,431.20. This trade represents a 0.06% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have bought 1,263,765 shares of company stock worth $22,969,461. 84.90% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Summit Redstone set a $13.00 target price on Summit Therapeutics in a report on Tuesday, September 16th. Piper Sandler started coverage on Summit Therapeutics in a research note on Monday, August 18th. They set a “neutral” rating and a $21.00 price objective on the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a research note on Monday, September 8th. Guggenheim reaffirmed a “buy” rating and set a $40.00 price target on shares of Summit Therapeutics in a research note on Wednesday, October 22nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, Summit Therapeutics has a consensus rating of “Hold” and an average target price of $31.14.

View Our Latest Stock Report on Summit Therapeutics

Summit Therapeutics Stock Performance

Summit Therapeutics stock opened at $17.90 on Friday. Summit Therapeutics PLC has a 1 year low of $15.55 and a 1 year high of $36.91. The firm has a 50 day moving average price of $19.45 and a 200 day moving average price of $22.21. The company has a market cap of $13.80 billion, a price-to-earnings ratio of -14.43 and a beta of -1.21.

Summit Therapeutics (NASDAQ:SMMT – Get Free Report) last announced its quarterly earnings results on Monday, October 20th. The company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.17). Sell-side analysts predict that Summit Therapeutics PLC will post -0.3 EPS for the current year.

Summit Therapeutics Profile

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding SMMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Summit Therapeutics PLC (NASDAQ:SMMT – Free Report).