TD Asset Management Inc Purchases 667,742 Shares of Summit Therapeutics PLC $SMMT

TD Asset Management Inc raised its stake in shares of Summit Therapeutics PLC (NASDAQ:SMMT) by 124.2% in the 4th quarter, according to the company in its most recent disclosure 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 quarter. TD Asset Management Inc’s holdings in Summit Therapeutics were worth $21,080,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Parallel Advisors LLC bought a new stake in Summit Therapeutics during the third quarter valued at approximately $39,000. Quantbot Technologies LP bought a new stake in Summit Therapeutics during the second quarter valued at approximately $132,000. California State Teachers Retirement System lifted its position in Summit Therapeutics by 62.3% during the second quarter. California State Teachers Retirement System now owns 7,368 shares of the company’s stock valued at $157,000 after purchasing an additional 2,828 shares during the last quarter. Amundi bought a new stake in Summit Therapeutics during the second quarter valued at approximately $258,000. Finally, Jump Financial LLC bought a new stake in Summit Therapeutics during the second quarter valued at approximately $244,000. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Stock Performance

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

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data on Friday, May 1st. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. As a group, equities research analysts predict that Summit Therapeutics PLC will post -1.18 earnings per share for the current year.

Insider Transactions at Summit Therapeutics

In other Summit Therapeutics news, CEO Mahkam Zanganeh acquired 100,000 shares of the stock in a transaction dated Thursday, June 4th. The stock was purchased at an average cost of $14.60 per share, for a total transaction of $1,460,000.00. Following the acquisition, the chief executive officer owned 25,824,474 shares in the company, valued at $377,037,320.40. The trade was a 0.39% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert W. Duggan acquired 100,000 shares of the stock in a transaction dated Thursday, June 4th. The stock was acquired at an average price of $14.60 per share, with a total value of $1,460,000.00. Following the completion of the acquisition, the chief executive officer owned 25,824,474 shares in the company, valued at approximately $377,037,320.40. The trade was a 0.39% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders acquired 250,000 shares of company stock worth $3,642,500. 83.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SMMT shares. KeyCorp reiterated an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Wall Street Zen lowered shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Monday, May 18th. Piper Sandler dropped their target price on shares of Summit Therapeutics from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Friday, May 1st. Stifel Nicolaus started coverage on shares of Summit Therapeutics in a research report on Wednesday, April 8th. They set a “buy” rating and a $45.00 target price for the company. Finally, Zacks Research upgraded shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average 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.