TD Asset Management Inc Increases Stock Position in Summit Therapeutics PLC $SMMT

Key Points

• TD Asset Management boosted its Summit Therapeutics position by 124.2% in the fourth quarter, ending with 1.21 million shares worth about $21.1 million.
• Insider buying was notable: CFO Manmeet Singh Soni bought 50,000 shares and CEO Robert W. Duggan bought 100,000 shares on June 4, bringing total insider purchases over the past 90 days to 250,000 shares.
• Summit Therapeutics reported a smaller-than-expected quarterly loss of $0.24 per share versus estimates of $0.27, while analysts currently have a consensus rating of Hold and a target price of $26.05.

TD Asset Management Inc grew its position in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 124.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,205,272 shares of the company's stock after purchasing an additional 667,742 shares during the period. TD Asset Management Inc owned about 0.16% of Summit Therapeutics worth $21,080,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. CIBC Asset Management Inc raised its holdings in shares of Summit Therapeutics by 9.8% in the fourth quarter. CIBC Asset Management Inc now owns 24,289 shares of the company's stock valued at $425,000 after purchasing an additional 2,166 shares during the last quarter. AXQ Capital LP increased its holdings in Summit Therapeutics by 366.7% during the fourth quarter. AXQ Capital LP now owns 81,519 shares of the company's stock worth $1,426,000 after buying an additional 64,051 shares during the last quarter. Norges Bank purchased a new stake in Summit Therapeutics during the fourth quarter worth about $24,030,000. Eurizon Capital SGR S.p.A. purchased a new stake in Summit Therapeutics during the fourth quarter worth about $449,000. Finally, Geode Capital Management LLC increased its holdings in Summit Therapeutics by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 3,147,480 shares of the company's stock worth $55,063,000 after buying an additional 14,745 shares during the last quarter. Hedge funds and other institutional investors own 4.61% of the company's stock.

Summit Therapeutics Price Performance

SMMT opened at $14.77 on Monday. The company has a market capitalization of $11.46 billion, a price-to-earnings ratio of -9.23 and a beta of -1.32. The firm has a 50-day moving average price of $18.96 and a 200-day moving average price of $17.46. Summit Therapeutics PLC has a twelve month low of $13.83 and a twelve month high of $30.98.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Friday, May 1st. The company reported ($0.24) EPS for the quarter, beating analysts' consensus estimates of ($0.27) by $0.03. On average, sell-side analysts expect that Summit Therapeutics PLC will post -1.18 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Manmeet Singh Soni acquired 50,000 shares of the business's stock in a transaction dated Thursday, June 4th. The stock was bought at an average cost of $14.45 per share, for a total transaction of $722,500.00. Following the completion of the transaction, the chief financial officer owned 3,123,603 shares of the company's stock, valued at $45,136,063.35. The trade was a 1.63% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert W. Duggan acquired 100,000 shares of the business's stock in a transaction dated Thursday, June 4th. The stock was purchased at an average price of $14.60 per share, with a total value of $1,460,000.00. Following the completion of the transaction, the chief executive officer directly owned 25,824,474 shares of the company's stock, valued at $377,037,320.40. This trade represents a 0.39% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders bought 250,000 shares of company stock worth $3,642,500. 83.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

SMMT has been the subject of a number of research analyst reports. Citigroup initiated coverage on shares of Summit Therapeutics in a report on Wednesday, April 8th. They set a "buy" rating for the company. KeyCorp restated an "overweight" rating on shares of Summit Therapeutics in a report on Monday, June 1st. Jefferies Financial Group downgraded shares of Summit Therapeutics from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $42.00 to $15.00 in a report on Monday, March 16th. Wall Street Zen downgraded shares of Summit Therapeutics from a "hold" rating to a "sell" rating in a report on Monday, May 18th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a research note on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $26.05.

About Summit Therapeutics

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.

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