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

Pictet Asset Management Holding SA reduced its position in Summit Therapeutics PLC (NASDAQ:SMMT) by 4.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,323,179 shares of the company’s stock after selling 60,596 shares during the quarter. Pictet Asset Management Holding SA owned about 0.17% of Summit Therapeutics worth $23,963,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Kestra Advisory Services LLC purchased a new stake in Summit Therapeutics in the fourth quarter valued at about $28,000. Parallel Advisors LLC acquired a new position in shares of Summit Therapeutics during the third quarter valued at about $39,000. T. Rowe Price Investment Management Inc. raised its position in shares of Summit Therapeutics by 2,654.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after purchasing an additional 1,805 shares during the last quarter. Truvestments Capital LLC lifted its stake in shares of Summit Therapeutics by 200.2% during the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock worth $46,000 after buying an additional 1,736 shares during the period. Finally, Quantbot Technologies LP acquired a new stake in shares of Summit Therapeutics during the second quarter worth $132,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Trading Down 1.3%

Shares of NASDAQ SMMT opened at $14.38 on Thursday. The stock has a market cap of $11.16 billion, a PE ratio of -8.99 and a beta of -1.26. Summit Therapeutics PLC has a 12-month low of $12.55 and a 12-month high of $30.98. The company has a 50-day moving average of $16.81 and a 200 day moving average of $17.00.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Friday, May 1st. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.03. On average, sell-side analysts forecast that Summit Therapeutics PLC will post -1.18 EPS for the current fiscal year.

Insider Buying and Selling

In other Summit Therapeutics news, CEO Robert W. Duggan bought 3,810,000 shares of Summit Therapeutics stock in a transaction on Friday, June 12th. The shares were bought at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the completion of the transaction, the chief executive officer directly owned 573,883,879 shares of the company’s stock, valued at $7,529,356,492.48. This trade represents a 0.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Mahkam Zanganeh purchased 3,810,000 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was acquired at an average cost of $13.12 per share, for a total transaction of $49,987,200.00. Following the purchase, the chief executive officer 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 ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders acquired 7,870,000 shares of company stock worth $103,616,900. Company insiders own 83.50% of the company’s stock.

Analyst Ratings Changes

SMMT has been the topic of several research reports. Jefferies Financial Group downgraded Summit Therapeutics from a “buy” rating to a “hold” rating and cut their target price for the company from $42.00 to $15.00 in a research report on Monday, March 16th. Truist Financial raised Summit Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Stifel Nicolaus assumed coverage on Summit Therapeutics in a research note on Wednesday, April 8th. They set a “buy” rating and a $45.00 price target on the stock. Piper Sandler cut their price objective on Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Friday, May 1st. Finally, Wall Street Zen cut Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $26.97.

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.