Toronto Dominion Bank Takes $446,000 Position in Summit Therapeutics Inc. (NASDAQ:SMMT)

Toronto Dominion Bank purchased a new position in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 25,000 shares of the company's stock, valued at approximately $446,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Griffin Asset Management Inc. lifted its position in Summit Therapeutics by 63.3% in the 4th quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company's stock valued at $1,975,000 after acquiring an additional 42,900 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in Summit Therapeutics by 12.2% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 156,366 shares of the company's stock valued at $2,790,000 after acquiring an additional 17,014 shares during the period. Wells Fargo & Company MN grew its position in shares of Summit Therapeutics by 79.2% during the fourth quarter. Wells Fargo & Company MN now owns 95,265 shares of the company's stock valued at $1,700,000 after purchasing an additional 42,090 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Summit Therapeutics by 252.8% during the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company's stock valued at $3,661,000 after purchasing an additional 147,003 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Summit Therapeutics by 358.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company's stock worth $3,664,000 after acquiring an additional 160,592 shares in the last quarter. Hedge funds and other institutional investors own 4.61% of the company's stock.

Summit Therapeutics Price Performance

Shares of Summit Therapeutics stock traded up $0.40 during trading on Wednesday, hitting $26.04. 1,989,811 shares of the stock were exchanged, compared to its average volume of 3,868,730. The stock has a market cap of $19.34 billion, a price-to-earnings ratio of -93.00 and a beta of -0.94. The firm's 50-day moving average price is $23.24 and its 200 day moving average price is $20.78. Summit Therapeutics Inc. has a 12-month low of $2.10 and a 12-month high of $36.91.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. As a group, research analysts forecast that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Jefferies Financial Group set a $44.00 price target on Summit Therapeutics and gave the stock a "buy" rating in a research report on Friday, April 25th. HC Wainwright restated a "buy" rating and set a $44.00 target price on shares of Summit Therapeutics in a research report on Monday, April 28th. JMP Securities restated a "market outperform" rating and set a $40.00 target price on shares of Summit Therapeutics in a research report on Monday, April 28th. Citigroup upgraded Summit Therapeutics from a "neutral" rating to a "buy" rating and boosted their target price for the company from $23.00 to $35.00 in a research report on Wednesday, March 26th. Finally, The Goldman Sachs Group lifted their price target on shares of Summit Therapeutics from $37.00 to $41.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $37.40.

Summit Therapeutics 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.