Jefferies Financial Group Begins Coverage on Summit Therapeutics (NASDAQ:SMMT)

Jefferies Financial Group assumed coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a report released on Friday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $31.00 price target on the stock. Jefferies Financial Group’s price target would indicate a potential upside of 76.94% from the company’s previous close.

SMMT has been the topic of several other research reports. JMP Securities began coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price target on the stock. HC Wainwright reissued a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a research note on Monday, November 18th. Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price target for the company from $19.00 to $23.00 in a research report on Friday, September 27th. Finally, Stifel Nicolaus increased their price objective on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $34.00.

Summit Therapeutics Stock Performance

Shares of Summit Therapeutics stock opened at $17.52 on Friday. The business’s 50 day moving average price is $19.83 and its 200 day moving average price is $14.39. The company has a market cap of $12.92 billion, a price-to-earnings ratio of -62.57 and a beta of -0.92. Summit Therapeutics has a one year low of $2.05 and a one year high of $33.89.

Hedge Funds Weigh In On Summit Therapeutics

A number of hedge funds have recently made changes to their positions in SMMT. Baker BROS. Advisors LP boosted its holdings in Summit Therapeutics by 5.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after acquiring an additional 1,202,643 shares during the period. FMR LLC lifted its position in shares of Summit Therapeutics by 9.8% during the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after purchasing an additional 737,692 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of 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 purchasing an additional 254,261 shares during the period. Geode Capital Management LLC grew its holdings in shares of Summit Therapeutics by 4.6% in the third quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company’s stock valued at $67,899,000 after purchasing an additional 135,981 shares in the last quarter. Finally, Millennium Management LLC acquired a new position in shares of Summit Therapeutics in the second quarter valued at approximately $15,154,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

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.