Dimensional Fund Advisors LP Cuts Stake in Summit Therapeutics PLC $SMMT

Dimensional Fund Advisors LP cut its stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT) by 76.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 88,496 shares of the company’s stock after selling 288,067 shares during the quarter. Dimensional Fund Advisors LP’s holdings in Summit Therapeutics were worth $1,667,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Baker BROS. Advisors LP increased its stake in Summit Therapeutics by 7.9% during the 4th quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock valued at $636,480,000 after purchasing an additional 2,668,089 shares in the last quarter. TD Asset Management Inc raised its holdings in Summit Therapeutics by 124.2% in the fourth quarter. TD Asset Management Inc now owns 1,205,272 shares of the company’s stock worth $21,080,000 after buying an additional 667,742 shares during the last quarter. Polymer Capital Management HK LTD lifted its stake 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 worth $24,856,000 after buying an additional 603,879 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Summit Therapeutics in the first quarter worth approximately $2,269,000. Finally, Norges Bank bought a new position in shares of Summit Therapeutics in the fourth quarter worth approximately $24,030,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SMMT shares. Jefferies Financial Group set a $15.00 price target on shares of Summit Therapeutics in a research report on Friday, July 24th. KeyCorp reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Leerink Partners upgraded Summit Therapeutics from an “underperform” rating to a “market perform” rating and increased their target price for the company from $12.00 to $13.00 in a research note on Wednesday. Wall Street Zen downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, July 18th. Finally, HC Wainwright reissued a “neutral” rating on shares of Summit Therapeutics in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Summit Therapeutics has a consensus rating of “Hold” and a consensus price target of $24.25.

Summit Therapeutics Stock Performance

SMMT opened at $14.00 on Friday. The company’s 50-day simple moving average is $14.26 and its two-hundred day simple moving average is $16.30. The stock has a market capitalization of $11.17 billion, a P/E ratio of -12.50 and a beta of -1.23. Summit Therapeutics PLC has a 52-week low of $12.25 and a 52-week high of $30.05.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). Research analysts forecast that Summit Therapeutics PLC will post -1.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Robert W. Duggan purchased 3,810,000 shares of the stock in a transaction dated Friday, June 12th. The shares were purchased at an average cost of $13.12 per share, with a total value of $49,987,200.00. Following the acquisition, the chief executive officer directly owned 573,883,879 shares of the company’s stock, valued at $7,529,356,492.48. This represents a 0.67% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mahkam Zanganeh purchased 3,810,000 shares of the stock in a transaction dated Friday, June 12th. The shares were purchased at an average cost of $13.12 per share, for a total transaction of $49,987,200.00. Following the completion of the acquisition, the chief executive officer directly owned 573,883,879 shares in the company, valued at approximately $7,529,356,492.48. This trade represents 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 quarter, insiders have purchased 7,870,000 shares of company stock worth $103,616,900. 83.50% of the stock is owned by insiders.

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.