The Manufacturers Life Insurance Company Raises Stock Holdings in Summit Therapeutics Inc. (NASDAQ:SMMT)

The Manufacturers Life Insurance Company increased its holdings in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 43.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 295,629 shares of the company's stock after purchasing an additional 89,572 shares during the quarter. The Manufacturers Life Insurance Company's holdings in Summit Therapeutics were worth $6,474,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Darwin Wealth Management LLC purchased a new stake in shares of Summit Therapeutics during the third quarter worth about $25,000. Covestor Ltd lifted its position in shares of Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company's stock valued at $27,000 after acquiring an additional 1,190 shares in the last quarter. Virtu Financial LLC increased its position in shares of Summit Therapeutics by 23.3% during the first quarter. Virtu Financial LLC now owns 20,372 shares of the company's stock worth $84,000 after purchasing an additional 3,846 shares in the last quarter. Fullcircle Wealth LLC acquired a new position in Summit Therapeutics in the 2nd quarter valued at $95,000. Finally, XTX Topco Ltd purchased a new position in Summit Therapeutics in the 2nd quarter valued at $121,000. Hedge funds and other institutional investors own 4.61% of the company's stock.

Summit Therapeutics Stock Up 5.8 %

Shares of Summit Therapeutics stock traded up $1.02 during mid-day trading on Friday, hitting $18.54. The stock had a trading volume of 2,196,266 shares, compared to its average volume of 3,483,670. The firm has a 50-day moving average of $19.83 and a two-hundred day moving average of $14.39. The firm has a market cap of $13.67 billion, a P/E ratio of -62.57 and a beta of -0.92. Summit Therapeutics Inc. has a 12-month low of $2.05 and a 12-month high of $33.89.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. HC Wainwright reaffirmed a "buy" rating and set a $44.00 target price on shares of Summit Therapeutics in a report on Monday, November 18th. Citigroup downgraded shares of Summit Therapeutics from a "buy" rating to a "neutral" rating and increased their price objective for the company from $19.00 to $23.00 in a report on Friday, September 27th. Jefferies Financial Group initiated coverage on Summit Therapeutics in a report on Friday. They set a "buy" rating and a $31.00 target price on the stock. Stifel Nicolaus upped their price target on Summit Therapeutics from $25.00 to $40.00 and gave the company a "buy" rating in a research report on Wednesday, September 25th. Finally, JMP Securities assumed coverage on Summit Therapeutics in a research report on Monday, November 4th. They set a "market outperform" rating and a $32.00 price objective on the stock. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.00.

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.