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

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

Several other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Summit Therapeutics by 3.6% in the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after acquiring an additional 254,261 shares during the period. China Universal Asset Management Co. Ltd. boosted its position in Summit Therapeutics by 66.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company’s stock valued at $558,000 after purchasing an additional 53,774 shares during the period. Hoylecohen LLC grew its position in shares of Summit Therapeutics by 2.4% during the second quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock worth $674,000 after acquiring an additional 2,000 shares during the last quarter. Aristides Capital LLC bought a new position in Summit Therapeutics in the 4th quarter worth about $210,000. Finally, ProShare Advisors LLC increased its position in Summit Therapeutics by 9.4% in the 1st quarter. ProShare Advisors LLC now owns 69,995 shares of the company’s stock valued at $290,000 after acquiring an additional 6,035 shares during the period. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Stock Up 16.5 %

Shares of NASDAQ:SMMT opened at $31.93 on Friday. The company’s fifty day moving average is $12.32 and its two-hundred day moving average is $7.68. The company has a market cap of $23.13 billion, a P/E ratio of -199.56 and a beta of -0.99. Summit Therapeutics Inc. has a 12-month low of $1.64 and a 12-month high of $33.60.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. Equities research analysts anticipate that Summit Therapeutics Inc. will post -0.27 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently weighed in on SMMT. HC Wainwright upped their price objective on Summit Therapeutics from $16.00 to $30.00 and gave the company a “buy” rating in a report on Monday, September 9th. Stifel Nicolaus increased their target price on shares of Summit Therapeutics from $14.00 to $25.00 and gave the company a “buy” rating in a research note on Monday, September 9th. Finally, Citigroup lifted their price target on shares of Summit Therapeutics from $13.00 to $19.00 and gave the stock a “buy” rating in a research report on Monday, September 9th.

Summit Therapeutics 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.