Rhenman & Partners Asset Management AB announced a significant investment in Summit Therapeutics PLC (NASDAQ: SMMT) during the second quarter of 2023. According to a filing with the Securities and Exchange Commission (SEC), the firm acquired 78,000 shares valued at approximately $1.66 million. This move highlights the growing interest from institutional investors in the biopharmaceutical company.
Several large investors have also adjusted their positions in Summit Therapeutics. Inceptionr LLC purchased a new stake in the company worth about $704,000. XTX Topco Ltd joined the ranks with an investment of approximately $925,000. Additionally, Steward Partners Investment Advisory LLC increased its holdings by 56.3%, now owning 12,466 shares valued at $265,000 after acquiring an additional 4,490 shares. Cynosure Group LLC invested $396,000, while Franklin Resources Inc. raised its stake in Summit Therapeutics by 42.9%, now owning 139,146 shares valued at $2.96 million. Currently, institutional investors hold 4.61% of the stock.
In related developments, CEO Mahkam Zanganeh acquired 26,680 shares at an average price of $18.74 per share on October 21, 2023. This transaction totaled $499,983.20, increasing his total holdings to 76,680 shares valued at $1.44 million. Robert W. Duggan, another key executive, made a similar purchase of 26,680 shares on the same date for the same total value, marking a 53.36% increase in his ownership. Insider purchases have totaled 1,263,765 shares worth $22.97 million in the last quarter, with insiders now owning 84.90% of the company’s stock.
Market Performance and Analyst Outlook
As of Wednesday, Summit Therapeutics’ shares opened at $17.64, reflecting a 1.1% decline. The company boasts a market capitalization of $13.60 billion, a price-to-earnings (P/E) ratio of -14.23, and a beta of -1.21. Over the past year, the stock has fluctuated between a low of $15.55 and a high of $36.91. Its fifty-day moving average is $19.50, while the 200-day moving average stands at $22.34.
Summit Therapeutics recently reported its quarterly earnings, revealing an earnings per share (EPS) of ($0.31), which fell short of the consensus estimate of ($0.14) by ($0.17). Analysts predict that the company will post an EPS of ($0.30) for the current fiscal year.
Company Overview
Summit Therapeutics Inc. focuses on the discovery, development, and commercialization of therapies designed to be friendly to patients, caregivers, and society. The company operates primarily in the United States and the United Kingdom. Its lead candidate, Ivonescimab, is a bispecific antibody aimed at immunotherapy through PD-1 blockade and anti-angiogenesis. Additionally, its portfolio includes SMT-738, a novel class of precision antibiotics targeting multidrug-resistant infections, particularly those caused by carbapenem-resistant Enterobacteriaceae.
Interested readers can find more details on hedge fund holdings and insider trades for Summit Therapeutics by visiting HoldingsChannel.com for the latest SEC filings.
