Summit Therapeutics (NASDAQ:SMMT) Earns Buy Rating from Analysts at Jefferies Financial Group

Jefferies Financial Group began coverage on shares of Summit Therapeutics (NASDAQ:SMMT - Free Report) in a research report report published on Friday, Marketbeat Ratings reports. The firm issued a buy rating and a $31.00 price target on the stock.

Several other brokerages also recently weighed in on SMMT. JMP Securities began coverage on Summit Therapeutics in a report on Monday, November 4th. They set a "market outperform" rating and a $32.00 price target for the company. HC Wainwright restated a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a research note on Monday, November 18th. Citigroup downgraded shares of Summit Therapeutics from a "buy" rating to a "neutral" rating and lifted their target price for the company from $19.00 to $23.00 in a report on Friday, September 27th. Finally, Stifel Nicolaus increased their price target on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. One analyst has rated the stock with a hold rating and four have given 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 price target of $34.00.

Summit Therapeutics Stock Up 5.8 %

Shares of Summit Therapeutics stock traded up $1.02 on Friday, reaching $18.54. The stock had a trading volume of 2,196,251 shares, compared to its average volume of 1,813,696. Summit Therapeutics has a 1 year low of $2.05 and a 1 year high of $33.89. The company has a 50 day moving average price of $19.78 and a 200 day moving average price of $14.49. The stock has a market capitalization of $13.67 billion, a P/E ratio of -66.21 and a beta of -0.92.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. acquired a new stake in Summit Therapeutics in the third quarter valued at $2,091,000. Virtu Financial LLC purchased a new stake in shares of Summit Therapeutics in the 3rd quarter worth about $925,000. Geode Capital Management LLC grew its stake in Summit Therapeutics by 4.6% in the 3rd quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company's stock valued at $67,899,000 after acquiring an additional 135,981 shares during the last quarter. XTX Topco Ltd raised its position in Summit Therapeutics by 54.3% during the third quarter. XTX Topco Ltd now owns 23,915 shares of the company's stock worth $524,000 after acquiring an additional 8,415 shares during the last quarter. Finally, Polar Asset Management Partners Inc. acquired a new position in Summit Therapeutics during the third quarter worth about $685,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.