The Manufacturers Life Insurance Company Boosts Stock Holdings in Summit Therapeutics Inc. (NASDAQ:SMMT)

The Manufacturers Life Insurance Company increased its position in Summit Therapeutics Inc. (NASDAQ:SMMT) by 43.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 295,629 shares of the company’s stock after acquiring an additional 89,572 shares during the period. The Manufacturers Life Insurance Company’s holdings in Summit Therapeutics were worth $6,474,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Darwin Wealth Management LLC bought a new stake in shares of Summit Therapeutics in the third quarter worth approximately $25,000. Covestor Ltd lifted its holdings in shares of Summit Therapeutics by 2,767.4% during the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after buying an additional 1,190 shares during the period. Willis Investment Counsel purchased a new position in shares of Summit Therapeutics in the 3rd quarter worth $219,000. Fullcircle Wealth LLC bought a new stake in shares of Summit Therapeutics in the second quarter worth $95,000. Finally, Aigen Investment Management LP purchased a new stake in Summit Therapeutics during the third quarter valued at $306,000. 4.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Citigroup cut Summit Therapeutics from a “buy” rating to a “neutral” rating and raised their target price for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. HC Wainwright reissued a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a report on Monday, November 18th. Stifel Nicolaus upped their target price 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, JMP Securities started coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price target on the stock.

Summit Therapeutics Stock Down 0.5 %

Shares of SMMT opened at $17.52 on Friday. Summit Therapeutics Inc. has a 52 week low of $2.05 and a 52 week high of $33.89. The stock has a market cap of $12.92 billion, a price-to-earnings ratio of -62.57 and a beta of -0.92. The business has a 50-day simple moving average of $19.83 and a two-hundred day simple moving average of $14.39.

About Summit Therapeutics

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.