The Manufacturers Life Insurance Company Purchases 181,185 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

The Manufacturers Life Insurance Company boosted its stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 61.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 476,814 shares of the company's stock after buying an additional 181,185 shares during the period. The Manufacturers Life Insurance Company owned about 0.06% of Summit Therapeutics worth $8,509,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Summit Therapeutics by 20.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company's stock valued at $116,995,000 after acquiring an additional 1,118,270 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Summit Therapeutics by 6.6% in the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock valued at $208,261,000 after purchasing an additional 724,040 shares in the last quarter. Pictet Asset Management Holding SA boosted its position in shares of Summit Therapeutics by 100.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock worth $24,755,000 after buying an additional 695,843 shares during the period. Invesco Ltd. grew its holdings in shares of Summit Therapeutics by 435.7% during the fourth quarter. Invesco Ltd. now owns 399,050 shares of the company's stock valued at $7,121,000 after buying an additional 324,555 shares in the last quarter. Finally, Polymer Capital Management HK LTD acquired a new position in Summit Therapeutics during the fourth quarter valued at $3,923,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Price Performance

NASDAQ:SMMT traded down $0.69 during trading hours on Friday, reaching $23.96. 2,531,617 shares of the stock were exchanged, compared to its average volume of 3,862,005. Summit Therapeutics Inc. has a twelve month low of $2.10 and a twelve month high of $36.91. The stock has a market cap of $17.79 billion, a PE ratio of -85.57 and a beta of -0.94. The firm has a 50 day moving average of $21.95 and a 200 day moving average of $20.42.

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

Analyst Ratings Changes

A number of equities analysts have recently weighed in on SMMT shares. TD Cowen raised shares of Summit Therapeutics to a "strong-buy" rating in a research note on Thursday. HC Wainwright reaffirmed a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a research report on Monday, April 28th. Jefferies Financial Group set a $44.00 price target on Summit Therapeutics and gave the company a "buy" rating in a report on Friday, April 25th. Evercore ISI began coverage on Summit Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price objective on the stock. Finally, Citigroup upgraded shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and increased their price target for the stock from $23.00 to $35.00 in a research note on Wednesday, March 26th. One analyst has rated the stock with a sell rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $37.40.

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.