The Manufacturers Life Insurance Company Raises Stake in Summit Therapeutics Inc. (NASDAQ:SMMT)

The Manufacturers Life Insurance Company increased its stake in Summit Therapeutics Inc. (NASDAQ:SMMT) by 167.2% during the second quarter, according to its most recent filing with the SEC. The fund owned 206,057 shares of the company’s stock after buying an additional 128,934 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Summit Therapeutics were worth $1,607,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SMMT. Millennium Management LLC purchased a new position in shares of Summit Therapeutics in the 2nd quarter worth about $15,154,000. TD Asset Management Inc purchased a new stake in Summit Therapeutics during the second quarter valued at about $2,081,000. Vanguard Group Inc. lifted its holdings in Summit Therapeutics by 3.6% during the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after purchasing an additional 254,261 shares during the last quarter. AQR Capital Management LLC purchased a new stake in Summit Therapeutics during the second quarter valued at about $484,000. Finally, Sargent Investment Group LLC lifted its holdings in Summit Therapeutics by 620.0% during the second quarter. Sargent Investment Group LLC now owns 72,000 shares of the company’s stock valued at $562,000 after purchasing an additional 62,000 shares during the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SMMT shares. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their price objective for the company from $19.00 to $23.00 in a report on Friday, September 27th. Stifel Nicolaus upped their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $45.00 price objective on shares of Summit Therapeutics in a report on Friday, October 4th.

Summit Therapeutics Stock Down 1.5 %

Shares of SMMT opened at $18.61 on Friday. The business’s 50-day moving average price is $16.83 and its 200-day moving average price is $9.93. Summit Therapeutics Inc. has a twelve month low of $1.64 and a twelve month high of $33.89. The stock has a market cap of $13.48 billion, a PE ratio of -116.31 and a beta of -0.97.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. Analysts expect that Summit Therapeutics Inc. will post -0.27 earnings per share for the current fiscal year.

Summit Therapeutics Company Profile

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company's lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.