1,373,943 Shares in Summit Therapeutics PLC $SMMT Acquired by Norges Bank

Norges Bank bought a new position in shares of Summit Therapeutics PLC (NASDAQ:SMMT) in the 4th quarter, Holdings Channel reports. The institutional investor bought 1,373,943 shares of the company’s stock, valued at approximately $24,030,000.

A number of other large investors also recently modified their holdings of SMMT. Parallel Advisors LLC bought a new position in Summit Therapeutics during the 3rd quarter worth $39,000. Quantbot Technologies LP bought a new position in Summit Therapeutics during the 2nd quarter worth $132,000. California State Teachers Retirement System raised its position in Summit Therapeutics by 62.3% during the 2nd quarter. California State Teachers Retirement System now owns 7,368 shares of the company’s stock worth $157,000 after purchasing an additional 2,828 shares during the last quarter. Jump Financial LLC bought a new position in Summit Therapeutics during the 2nd quarter worth $244,000. Finally, Oxford Asset Management LLP bought a new position in Summit Therapeutics during the 2nd quarter worth $245,000. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Trading Up 1.3%

NASDAQ:SMMT opened at $14.29 on Wednesday. The stock has a market capitalization of $11.09 billion, a PE ratio of -8.93 and a beta of -1.32. The firm’s 50 day moving average is $18.85 and its 200 day moving average is $17.42. Summit Therapeutics PLC has a 12 month low of $13.81 and a 12 month high of $30.98.

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

Insider Buying and Selling at Summit Therapeutics

In related news, CEO Robert W. Duggan acquired 100,000 shares of the stock in a transaction on Thursday, June 4th. The stock was acquired at an average cost of $14.60 per share, for a total transaction of $1,460,000.00. Following the completion of the acquisition, the chief executive officer directly owned 25,824,474 shares of the company’s stock, valued at approximately $377,037,320.40. This represents a 0.39% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Manmeet Singh Soni acquired 50,000 shares of the stock in a transaction on Thursday, June 4th. The stock was bought at an average price of $14.45 per share, with a total value of $722,500.00. Following the completion of the acquisition, the chief financial officer directly owned 3,123,603 shares of the company’s stock, valued at $45,136,063.35. This trade represents a 1.63% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired a total of 250,000 shares of company stock worth $3,642,500 over the last three months. Company insiders own 83.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on SMMT shares. Jefferies Financial Group lowered Summit Therapeutics from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $42.00 to $15.00 in a research report on Monday, March 16th. Citigroup started coverage on Summit Therapeutics in a research report on Wednesday, April 8th. They issued a “buy” rating for the company. Truist Financial raised Summit Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. HC Wainwright lowered Summit Therapeutics from a “buy” rating to a “neutral” rating in a research report on Friday, May 22nd. Finally, KeyCorp restated an “overweight” rating on shares of Summit Therapeutics in a research note on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $26.05.

Summit Therapeutics 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.