Griffin Asset Management Inc. Acquires 55,265 Shares of Summit Therapeutics PLC $SMMT

Griffin Asset Management Inc. lifted its holdings in Summit Therapeutics PLC (NASDAQ:SMMT) by 39.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 195,547 shares of the company’s stock after buying an additional 55,265 shares during the quarter. Griffin Asset Management Inc.’s holdings in Summit Therapeutics were worth $3,420,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Handelsbanken Fonder AB boosted its stake in shares of Summit Therapeutics by 9.9% in the fourth quarter. Handelsbanken Fonder AB now owns 37,600 shares of the company’s stock worth $658,000 after acquiring an additional 3,400 shares during the period. Capstone Capital Management Ltd bought a new position in shares of Summit Therapeutics in the fourth quarter worth about $493,000. Profund Advisors LLC boosted its stake in shares of Summit Therapeutics by 48.4% in the fourth quarter. Profund Advisors LLC now owns 103,761 shares of the company’s stock worth $1,815,000 after acquiring an additional 33,828 shares during the period. ProShare Advisors LLC boosted its stake in shares of Summit Therapeutics by 24.3% in the fourth quarter. ProShare Advisors LLC now owns 32,881 shares of the company’s stock worth $575,000 after acquiring an additional 6,418 shares during the period. Finally, DNB Asset Management AS boosted its stake in shares of Summit Therapeutics by 97.5% in the fourth quarter. DNB Asset Management AS now owns 61,061 shares of the company’s stock worth $1,068,000 after acquiring an additional 30,138 shares during the period. Institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Trading Up 12.9%

Shares of Summit Therapeutics stock opened at $17.89 on Thursday. The stock has a 50 day moving average of $18.89 and a 200 day moving average of $17.62. Summit Therapeutics PLC has a 12 month low of $13.83 and a 12 month high of $30.98. The firm has a market cap of $13.89 billion, a PE ratio of -11.18 and a beta of -1.25.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Thursday, April 30th. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.03. As a group, equities research analysts forecast that Summit Therapeutics PLC will post -1.17 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on SMMT shares. Piper Sandler dropped their price objective on Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Friday, May 1st. Wall Street Zen lowered Summit Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday. Zacks Research raised Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. HC Wainwright dropped their price target on Summit Therapeutics from $30.00 to $23.00 and set a “buy” rating for the company in a research note on Monday, May 4th. Finally, Stifel Nicolaus started coverage on Summit Therapeutics in a research note on Wednesday, April 8th. They set a “buy” rating and a $45.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $27.58.

About Summit Therapeutics

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.