Public Employees Retirement System of Ohio Buys New Shares in Summit Therapeutics PLC $SMMT

Public Employees Retirement System of Ohio purchased a new stake in Summit Therapeutics PLC (NASDAQ:SMMT) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 38,501 shares of the company’s stock, valued at approximately $561,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Baker BROS. Advisors LP increased its holdings in shares of Summit Therapeutics by 7.9% during the 4th quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock worth $636,480,000 after purchasing an additional 2,668,089 shares during the period. BlackRock Inc. bought a new stake in shares of Summit Therapeutics in the second quarter valued at about $138,838,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Summit Therapeutics by 106.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock valued at $163,907,000 after buying an additional 4,832,592 shares during the period. State Street Corp grew its position in Summit Therapeutics by 4.3% during the fourth quarter. State Street Corp now owns 6,636,361 shares of the company’s stock worth $116,070,000 after buying an additional 274,425 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Summit Therapeutics by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 3,147,480 shares of the company’s stock worth $55,063,000 after buying an additional 14,745 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Stock Down 3.1%

NASDAQ SMMT opened at $17.00 on Friday. Summit Therapeutics PLC has a twelve month low of $12.07 and a twelve month high of $29.23. The stock has a market cap of $13.56 billion, a P/E ratio of -15.18 and a beta of -1.24. The company’s 50-day simple moving average is $14.46 and its 200 day simple moving average is $16.22.

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

Analyst Upgrades and Downgrades

SMMT has been the subject of several recent research reports. HC Wainwright reaffirmed a “neutral” rating on shares of Summit Therapeutics in a report on Thursday, September 3rd. Summit Redstone set a $25.00 price objective on Summit Therapeutics in a report on Wednesday. KeyCorp restated an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research note on Tuesday, September 1st. Finally, Stifel Nicolaus reduced their target price on Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating for the company in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $25.91.

About Summit Therapeutics

Summit Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for the treatment of cancer. The company’s lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition against PD-1 with selective inhibition of vascular endothelial growth factor A (VEGF-A). Summit is evaluating ivonescimab in clinical studies involving patients with non-small cell lung cancer and other solid tumors.

Summit has entered into a licensing and collaboration agreement with Akeso, a biotechnology company that discovered and developed ivonescimab.