Yong Rong HK Asset Management Ltd Invests $2.07 Million in Summit Therapeutics PLC $SMMT

Yong Rong HK Asset Management Ltd bought a new stake in Summit Therapeutics PLC (NASDAQ:SMMT) in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm bought 100,000 shares of the company’s stock, valued at approximately $2,066,000. Summit Therapeutics accounts for 0.6% of Yong Rong HK Asset Management Ltd’s holdings, making the stock its 15th largest holding.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC bought a new position in Summit Therapeutics in the 3rd quarter valued at about $1,141,000. New York State Common Retirement Fund increased its holdings in Summit Therapeutics by 774.5% during the 2nd quarter. New York State Common Retirement Fund now owns 256,890 shares of the company’s stock worth $5,467,000 after purchasing an additional 227,513 shares in the last quarter. APEIRON CAPITAL Ltd raised its stake in shares of Summit Therapeutics by 9.2% in the third quarter. APEIRON CAPITAL Ltd now owns 1,310,941 shares of the company’s stock worth $27,084,000 after purchasing an additional 110,000 shares during the last quarter. Norges Bank purchased a new stake in shares of Summit Therapeutics in the second quarter worth approximately $29,576,000. Finally, State Board of Administration of Florida Retirement System lifted its holdings in shares of Summit Therapeutics by 194.8% in the second quarter. State Board of Administration of Florida Retirement System now owns 97,502 shares of the company’s stock valued at $2,075,000 after purchasing an additional 64,432 shares in the last quarter. 4.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. HC Wainwright reiterated a “buy” rating on shares of Summit Therapeutics in a report on Wednesday, January 14th. Wolfe Research assumed coverage on shares of Summit Therapeutics in a report on Tuesday, November 18th. They set a “peer perform” rating on the stock. Zacks Research upgraded shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Citigroup restated a “market outperform” rating on shares of Summit Therapeutics in a report on Friday. Finally, Citizens Jmp reaffirmed a “market outperform” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $33.62.

Summit Therapeutics Stock Performance

Shares of SMMT stock opened at $14.48 on Friday. The firm has a market cap of $11.17 billion, a price-to-earnings ratio of -11.68 and a beta of -1.51. Summit Therapeutics PLC has a 52 week low of $14.43 and a 52 week high of $36.91. The firm’s 50-day simple moving average is $17.50 and its two-hundred day simple moving average is $20.67.

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.