Summit Therapeutics PLC $SMMT Holdings Trimmed by TD Asset Management Inc

Key Points

• TD Asset Management Inc reduced its holdings in Summit Therapeutics PLC by 40.0%, ending the period with 484,010 shares valued at approximately $10.3 million.
• Summit Therapeutics recently reported a quarterly earnings per share (EPS) of ($0.76), significantly missing analyst estimates of ($0.10).
• Insider trading activity includes CEO Mahkam Zanganeh acquiring 5,000 shares at $18.07 each, though total share ownership remains relatively unchanged post-transaction.

TD Asset Management Inc trimmed its position in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 40.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 484,010 shares of the company's stock after selling 323,180 shares during the period. TD Asset Management Inc owned 0.07% of Summit Therapeutics worth $10,300,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SMMT. Golden State Wealth Management LLC grew its position in Summit Therapeutics by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after purchasing an additional 751 shares in the last quarter. Ball & Co Wealth Management Inc. purchased a new position in Summit Therapeutics during the 2nd quarter worth approximately $31,000. CWM LLC grew its position in Summit Therapeutics by 3,455.3% during the 1st quarter. CWM LLC now owns 1,671 shares of the company's stock worth $32,000 after purchasing an additional 1,624 shares in the last quarter. AlphaQuest LLC purchased a new position in Summit Therapeutics during the 1st quarter worth approximately $49,000. Finally, Fifth Third Bancorp grew its position in Summit Therapeutics by 1,400.0% during the 1st quarter. Fifth Third Bancorp now owns 3,000 shares of the company's stock worth $58,000 after purchasing an additional 2,800 shares in the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Stock Down 4.5%

Shares of NASDAQ:SMMT opened at $20.99 on Friday. The firm has a fifty day moving average of $22.48 and a two-hundred day moving average of $23.37. The firm has a market capitalization of $15.59 billion, a P/E ratio of -20.78 and a beta of -1.13. Summit Therapeutics PLC has a 12-month low of $15.55 and a 12-month high of $36.91.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.66). Equities research analysts expect that Summit Therapeutics PLC will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling at Summit Therapeutics

In other Summit Therapeutics news, CEO Mahkam Zanganeh acquired 5,000 shares of Summit Therapeutics stock in a transaction that occurred on Thursday, September 11th. The stock was acquired at an average price of $18.07 per share, with a total value of $90,350.00. Following the purchase, the chief executive officer owned 556,093,090 shares in the company, valued at approximately $10,048,602,136.30. This trade represents a 0.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert W. Duggan acquired 5,000 shares of Summit Therapeutics stock in a transaction that occurred on Thursday, September 11th. The stock was acquired at an average cost of $18.07 per share, with a total value of $90,350.00. Following the purchase, the chief executive officer owned 556,093,090 shares in the company, valued at $10,048,602,136.30. The trade was a 0.00% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 676,788 shares of company stock valued at $11,969,512. 84.90% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SMMT shares. Citigroup reiterated a "buy" rating on shares of Summit Therapeutics in a research report on Thursday, September 25th. Zacks Research raised shares of Summit Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Monday, October 13th. Evercore ISI lifted their target price on shares of Summit Therapeutics from $30.00 to $34.00 and gave the company an "outperform" rating in a research note on Tuesday, August 12th. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a research note on Monday, September 8th. Finally, UBS Group began coverage on shares of Summit Therapeutics in a research note on Tuesday, July 1st. They set a "buy" rating and a $30.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $31.29.

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.

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