The Manufacturers Life Insurance Company Purchases 151,857 Shares of Summit Therapeutics PLC $SMMT

The Manufacturers Life Insurance Company raised its holdings in shares of Summit Therapeutics PLC (NASDAQ:SMMT) by 34.4% in the first quarter, HoldingsChannel.com reports. The firm owned 592,810 shares of the company’s stock after buying an additional 151,857 shares during the period. The Manufacturers Life Insurance Company’s holdings in Summit Therapeutics were worth $11,240,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of SMMT. Ball & Co Wealth Management Inc. bought a new position in shares of Summit Therapeutics in the first quarter valued at $28,000. Kestra Advisory Services LLC acquired a new stake in shares of Summit Therapeutics in the 4th quarter worth about $28,000. Parallel Advisors LLC acquired a new position in Summit Therapeutics during the 3rd quarter valued at about $39,000. T. Rowe Price Investment Management Inc. grew its holdings in Summit Therapeutics by 2,654.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after buying an additional 1,805 shares in the last quarter. Finally, Truvestments Capital LLC raised its position in Summit Therapeutics by 200.2% in the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock valued at $46,000 after buying an additional 1,736 shares during the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on SMMT. Jefferies Financial Group set a $15.00 price objective on shares of Summit Therapeutics in a report on Friday, July 24th. Wall Street Zen downgraded shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, July 18th. KeyCorp reissued an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Guggenheim cut their price target on shares of Summit Therapeutics from $40.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, July 24th. Finally, Sanford C. Bernstein began coverage on shares of Summit Therapeutics in a research report on Thursday, May 21st. They issued an “underperform” rating and a $7.70 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $26.15.

Insider Activity

In related news, CEO Mahkam Zanganeh acquired 3,810,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were bought at an average cost of $13.12 per share, for a total transaction of $49,987,200.00. Following the purchase, the chief executive officer owned 573,883,879 shares in the company, valued at $7,529,356,492.48. This trade represents a 0.67% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert W. Duggan acquired 3,810,000 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was purchased at an average price of $13.12 per share, with a total value of $49,987,200.00. Following the completion of the transaction, the chief executive officer directly owned 573,883,879 shares of the company’s stock, valued at $7,529,356,492.48. This trade represents a 0.67% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders purchased 7,870,000 shares of company stock worth $103,616,900. 83.50% of the stock is owned by corporate insiders.

Summit Therapeutics Stock Up 0.2%

NASDAQ SMMT opened at $13.05 on Tuesday. The company has a market cap of $10.41 billion, a PE ratio of -11.65 and a beta of -1.26. The firm’s 50-day simple moving average is $14.58 and its two-hundred day simple moving average is $16.45. Summit Therapeutics PLC has a 52 week low of $12.25 and a 52 week high of $30.98.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). As a group, equities research analysts anticipate that Summit Therapeutics PLC will post -1.2 EPS for the current year.

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.