The Manufacturers Life Insurance Company Has $11.24 Million Stake in Summit Therapeutics PLC $SMMT

Key Points

• The Manufacturers Life Insurance Company increased its Summit Therapeutics stake by 34.4% in the first quarter, acquiring 151,857 shares for a total holding worth approximately $11.24 million. Institutional investors and hedge funds collectively own 4.61% of the company.
• Analyst sentiment is mixed, with one Strong Buy, seven Buy, six Hold and two Sell ratings; the stock has an average rating of “Hold” and an average price target of $26.15.
• Summit Therapeutics reported a quarterly loss of $0.28 per share, slightly below the $0.27 consensus estimate. Meanwhile, insiders purchased 7.87 million shares worth $103.6 million over the past 90 days, and insiders own 83.5% of the stock.

The Manufacturers Life Insurance Company grew its stake in Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) by 34.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 592,810 shares of the company's stock after purchasing an additional 151,857 shares during the period. The Manufacturers Life Insurance Company owned about 0.08% of Summit Therapeutics worth $11,240,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Ball & Co Wealth Management Inc. acquired a new position in Summit Therapeutics during the 1st quarter worth approximately $28,000. Kestra Advisory Services LLC acquired a new stake in Summit Therapeutics in the fourth quarter valued at approximately $28,000. Parallel Advisors LLC acquired a new stake in Summit Therapeutics in the third quarter valued at approximately $39,000. T. Rowe Price Investment Management Inc. grew its stake in shares of 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 during the last quarter. Finally, Truvestments Capital LLC grew its stake in shares of Summit Therapeutics by 200.2% during the fourth quarter. Truvestments Capital LLC now owns 2,603 shares of the company's stock worth $46,000 after buying an additional 1,736 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SMMT. Wall Street Zen cut Summit Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, July 18th. Stifel Nicolaus lowered their target price on Summit Therapeutics from $45.00 to $38.00 and set a "buy" rating for the company in a report on Friday, July 24th. Piper Sandler dropped their target price on Summit Therapeutics from $17.00 to $16.00 and set a "neutral" rating for the company in a research report on Friday, May 1st. Citigroup assumed coverage on Summit Therapeutics in a research note on Wednesday, April 8th. They set a "buy" rating on the stock. Finally, Jefferies Financial Group set a $15.00 price target on Summit Therapeutics in a report on Friday, July 24th. 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 assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $26.15.

Summit Therapeutics Stock Performance

Shares of SMMT stock opened at $13.05 on Tuesday. Summit Therapeutics PLC has a fifty-two week low of $12.25 and a fifty-two week high of $30.98. The stock has a 50 day simple moving average of $14.58 and a two-hundred day simple moving average of $16.45. The company has a market cap of $10.41 billion, a P/E ratio of -11.65 and a beta of -1.26.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.27) by ($0.01). On average, research analysts predict that Summit Therapeutics PLC will post -1.2 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Manmeet Singh Soni acquired 50,000 shares of the business's stock in a transaction dated Thursday, June 4th. The shares were bought at an average price of $14.45 per share, with a total value of $722,500.00. Following the transaction, the chief financial officer directly owned 3,123,603 shares of the company's stock, valued at $45,136,063.35. This trade represents a 1.63% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Robert W. Duggan bought 3,810,000 shares of Summit Therapeutics 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 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 ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders purchased 7,870,000 shares of company stock worth $103,616,900. 83.50% of the stock is currently owned by company insiders.

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.

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