Rhenman & Partners Asset Management AB has purchased a new stake in Summit Therapeutics PLC, acquiring 78,000 shares valued at approximately $1,660,000. This investment was disclosed in the firm’s recent filing with the Securities and Exchange Commission (SEC), reflecting growing interest in the biopharmaceutical sector during the second quarter of 2023.
Several other institutional investors have also adjusted their positions in Summit Therapeutics. Inceptionr LLC entered the market with a new stake valued at about $704,000, while XTX Topco Ltd acquired shares worth approximately $925,000. Additionally, Steward Partners Investment Advisory LLC increased its holdings by 56.3%, bringing its total to 12,466 shares valued at $265,000 after purchasing an extra 4,490 shares. Cynosure Group LLC and Franklin Resources Inc. also made significant investments, with Franklin’s holdings rising by 42.9%, now totaling 139,146 shares worth $2,961,000. In total, institutional investors currently own 4.61% of Summit Therapeutics’ stock.
Insider Transactions Highlight Confidence
In related news, CEO Mahkam Zanganeh has shown confidence in the company by acquiring 26,680 shares on October 21, 2023, at an average price of $18.74 per share, totaling $499,983.20. This purchase increased his total ownership to 76,680 shares, valued at $1,436,983.20, marking a 53.36% increase in his position. Similarly, CEO Robert W. Duggan made an identical acquisition on the same day, further indicating strong insider belief in the company’s future.
In the last quarter, insiders have collectively purchased 1,263,765 shares valued at approximately $22,969,461. Notably, insiders now hold 84.90% of Summit Therapeutics’ stock, reflecting a significant commitment to the firm’s direction.
Market Performance and Analyst Insights
Summit Therapeutics’ stock recently opened at $17.64, experiencing a decline of 1.1%. The company has a market capitalization of $13.60 billion, with 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. The fifty-day and 200-day moving averages stand at $19.50 and $22.34, respectively.
In its latest quarterly earnings report, released on October 20, 2023, Summit Therapeutics reported an earnings per share (EPS) of ($0.31), falling short of analysts’ expectations of ($0.14) by $0.17. Research analysts project that the company will post an EPS of ($0.30) for the current fiscal year.
Summit Therapeutics is focused on developing innovative therapies that prioritize patient, physician, caregiver, and societal needs. Its lead candidate, Ivonescimab, is a bispecific antibody aimed at enhancing immunotherapy, while its antibiotic portfolio includes SMT-738, designed to combat multi-drug resistant infections.
For more detailed information about investor activities and analyst ratings regarding Summit Therapeutics, interested parties can visit HoldingsChannel.com for insights on hedge fund holdings and insider trades.
