The Manufacturers Life Insurance Company Makes New Investment in Summit Therapeutics PLC $SMMT

The Manufacturers Life Insurance Company bought a new stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 298,000 shares of the company’s stock, valued at approximately $4,342,000.

Other hedge funds also recently modified their holdings of the company. Ball & Co Wealth Management Inc. acquired a new stake in shares of Summit Therapeutics during the 1st quarter worth approximately $28,000. Kestra Advisory Services LLC acquired a new position in Summit Therapeutics in the fourth quarter valued at approximately $28,000. T. Rowe Price Investment Management Inc. boosted its stake in Summit Therapeutics by 2,654.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after acquiring an additional 1,805 shares during the last quarter. Parallel Advisors LLC bought a new position in Summit Therapeutics in the third quarter valued at approximately $39,000. Finally, Truvestments Capital LLC boosted its stake in Summit Therapeutics by 200.2% in the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock valued at $46,000 after acquiring an additional 1,736 shares during the last quarter. Institutional investors own 4.61% of the company’s stock.

Insider Activity at Summit Therapeutics

In other Summit Therapeutics news, CEO Robert W. Duggan acquired 3,810,000 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were acquired at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the purchase, the chief executive officer owned 573,883,879 shares of the company’s stock, valued at $7,529,356,492.48. This represents a 0.67% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Mahkam Zanganeh bought 3,810,000 shares of Summit Therapeutics stock in a transaction on Friday, June 12th. The shares were acquired at an average price of $13.12 per share, for a total transaction of $49,987,200.00. Following the completion of the acquisition, the chief executive officer owned 573,883,879 shares of the company’s stock, valued at approximately $7,529,356,492.48. This represents a 0.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 7,870,000 shares of company stock worth $103,616,900 in the last quarter. Corporate insiders own 83.50% of the company’s stock.

Summit Therapeutics Stock Performance

Shares of NASDAQ:SMMT opened at $13.62 on Tuesday. Summit Therapeutics PLC has a 52 week low of $12.07 and a 52 week high of $29.23. The company has a market capitalization of $10.87 billion, a PE ratio of -12.16 and a beta of -1.23. The company has a 50 day moving average price of $14.11 and a two-hundred day moving average price of $16.15.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). On average, sell-side analysts forecast that Summit Therapeutics PLC will post -1.2 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have commented on SMMT. Sanford C. Bernstein upgraded shares of Summit Therapeutics from an “underperform” rating to a “market perform” rating and upped their target price for the company from $9.80 to $11.90 in a research report on Tuesday, August 25th. Stifel Nicolaus reduced their price target on Summit Therapeutics from $45.00 to $38.00 and set a “buy” rating on the stock in a research report on Friday, July 24th. KeyCorp reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research note on Monday, June 1st. Wall Street Zen downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, July 18th. Finally, HC Wainwright reissued a “neutral” rating on shares of Summit Therapeutics in a research note on Wednesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $24.07.

Summit Therapeutics Profile

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.