The Manufacturers Life Insurance Company Invests $4.34 Million in Summit Therapeutics PLC $SMMT

Key Points

• The Manufacturers Life Insurance Company acquired 298,000 Summit Therapeutics shares worth approximately $4.34 million during the second quarter. Several other major institutions, including BlackRock, also initiated positions, though institutional investors collectively own just 4.61% of the stock.
• Summit shares opened at $13.62, near the lower end of their 12-month range, after the company reported a quarterly loss of $0.28 per share—slightly worse than analysts’ $0.27 estimate.
• Insider buying has been substantial: company CEOs purchased a combined 7.87 million shares valued at $103.6 million over the past three months. Analysts remain mixed, with an overall “Hold” rating and an average price target of $24.07.

The Manufacturers Life Insurance Company acquired a new stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 298,000 shares of the company's stock, valued at approximately $4,342,000.

A number of other large investors have also modified their holdings of SMMT. Polymer Capital Management HK LTD bought a new position in Summit Therapeutics in the second quarter worth $3,276,000. E Fund Management Co. Ltd. bought a new stake in Summit Therapeutics in the 2nd quarter valued at $444,000. BlackRock Inc. bought a new stake in Summit Therapeutics in the 2nd quarter valued at $138,838,000. Deutsche Bank AG acquired a new position in shares of Summit Therapeutics in the 2nd quarter valued at $3,487,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Summit Therapeutics in the 2nd quarter valued at $6,284,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

Summit Therapeutics Stock Down 0.8%

Summit Therapeutics stock opened at $13.62 on Tuesday. The stock has a 50-day simple moving average of $14.11 and a 200 day simple moving average of $16.15. Summit Therapeutics PLC has a 12-month low of $12.07 and a 12-month high of $29.23. The stock has a market capitalization of $10.87 billion, a price-to-earnings ratio of -12.16 and a beta of -1.23.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of ($0.27) by ($0.01). As a group, sell-side analysts anticipate that Summit Therapeutics PLC will post -1.2 EPS for the current year.

Insider Activity

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

Analyst Ratings Changes

Several analysts have recently weighed in on SMMT shares. Guggenheim reiterated a "buy" rating on shares of Summit Therapeutics in a research report on Wednesday, August 26th. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a research report on Friday, July 24th. Summit Redstone set a $11.90 price target on shares of Summit Therapeutics in a research note on Tuesday, August 25th. KeyCorp reaffirmed an "overweight" rating on shares of Summit Therapeutics in a report on Monday, June 1st. Finally, HC Wainwright reiterated a "neutral" rating on shares of Summit Therapeutics in a research note on Wednesday, August 26th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $24.07.

Summit Therapeutics Company 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.

Want to see what other hedge funds are holding SMMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Summit Therapeutics PLC (NASDAQ:SMMT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source