Summit Therapeutics PLC $SMMT Shares Sold by Profund Advisors LLC

Profund Advisors LLC reduced its holdings in shares of Summit Therapeutics PLC (NASDAQ:SMMT) by 46.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 53,459 shares of the company’s stock after selling 47,090 shares during the quarter. Profund Advisors LLC’s holdings in Summit Therapeutics were worth $904,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. ProShare Advisors LLC grew its position in shares of Summit Therapeutics by 8.7% in the third quarter. ProShare Advisors LLC now owns 27,660 shares of the company’s stock valued at $468,000 after purchasing an additional 2,209 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in Summit Therapeutics by 10.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 147,158 shares of the company’s stock worth $2,412,000 after purchasing an additional 13,631 shares in the last quarter. Simplify Asset Management Inc. purchased a new stake in Summit Therapeutics during the 3rd quarter worth about $8,626,000. Oppenheimer & Co. Inc. bought a new position in Summit Therapeutics in the 3rd quarter worth about $257,000. Finally, Kingswood Wealth Advisors LLC bought a new position in Summit Therapeutics in the 3rd quarter worth about $482,000. 4.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SMMT. Jefferies Financial Group reiterated a “buy” rating on shares of Summit Therapeutics in a research report on Monday, October 26th. UBS Group reaffirmed a “neutral” rating on shares of Summit Therapeutics in a research note on Wednesday, September 23rd. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Summit Therapeutics in a report on Monday, October 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Thursday, October 15th. Finally, Barclays increased their target price on shares of Summit Therapeutics from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 1st. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Summit Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $28.61.

Summit Therapeutics Stock Performance

SMMT stock opened at $15.80 on Wednesday. Summit Therapeutics PLC has a 52 week low of $12.07 and a 52 week high of $29.23. The firm’s fifty day moving average is $16.15 and its 200 day moving average is $16.16. The firm has a market cap of $12.64 billion, a P/E ratio of -14.11 and a beta of -1.49.

About Summit Therapeutics

Summit Therapeutics Inc is a biopharmaceutical company focused on developing and commercializing innovative medicines for the treatment of cancer. The company’s primary focus is oncology, with an emphasis on therapies designed to improve outcomes for patients with serious diseases.

Summit’s lead product candidate is ivonescimab, a bispecific antibody that is designed to combine immune checkpoint inhibition against PD-1 with anti-angiogenic activity targeting VEGF. The company is advancing ivonescimab in clinical studies for non-small cell lung cancer and is evaluating the therapy in combination with other cancer treatments and across additional treatment settings.

Summit holds exclusive rights to develop and commercialize ivonescimab in markets outside China through a licensing and collaboration agreement with Akeso, a China-based biopharmaceutical company.