TD Asset Management Inc Makes New $2.08 Million Investment in Summit Therapeutics Inc. (NASDAQ:SMMT)

TD Asset Management Inc acquired a new stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 266,800 shares of the company's stock, valued at approximately $2,081,000.

Several other institutional investors also recently bought and sold shares of the business. CIBC Asset Management Inc purchased a new position in Summit Therapeutics during the second quarter valued at approximately $154,000. Principal Financial Group Inc. lifted its holdings in Summit Therapeutics by 131.9% during the second quarter. Principal Financial Group Inc. now owns 36,133 shares of the company's stock valued at $282,000 after purchasing an additional 20,553 shares in the last quarter. Fullcircle Wealth LLC purchased a new stake in Summit Therapeutics during the 2nd quarter worth approximately $95,000. Hoylecohen LLC lifted its holdings in Summit Therapeutics by 2.4% in the 2nd quarter. Hoylecohen LLC now owns 86,408 shares of the company's stock valued at $674,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Virtu Financial LLC raised its position in shares of Summit Therapeutics by 23.3% in the first quarter. Virtu Financial LLC now owns 20,372 shares of the company's stock valued at $84,000 after buying an additional 3,846 shares during the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

Summit Therapeutics Price Performance

Shares of NASDAQ SMMT traded up $4.52 during trading on Friday, hitting $31.93. 24,434,701 shares of the company were exchanged, compared to its average volume of 3,485,493. Summit Therapeutics Inc. has a 1 year low of $1.64 and a 1 year high of $33.60. The firm's fifty day moving average price is $12.32 and its 200 day moving average price is $7.70. The company has a market cap of $23.13 billion, a price-to-earnings ratio of -199.56 and a beta of -0.99.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. On average, research analysts forecast that Summit Therapeutics Inc. will post -0.27 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Stifel Nicolaus raised their price objective on shares of Summit Therapeutics from $14.00 to $25.00 and gave the stock a "buy" rating in a research report on Monday, September 9th. Citigroup raised their price objective on shares of Summit Therapeutics from $13.00 to $19.00 and gave the company a "buy" rating in a research note on Monday, September 9th. Finally, HC Wainwright lifted their price target on shares of Summit Therapeutics from $16.00 to $30.00 and gave the stock a "buy" rating in a research note on Monday, September 9th.

About Summit Therapeutics

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.