Summit Therapeutics (NASDAQ:SMMT) Coverage Initiated by Analysts at Jefferies Financial Group

Jefferies Financial Group started coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research note released on Friday, Marketbeat Ratings reports. The firm issued a buy rating and a $31.00 price target on the stock.

Several other analysts also recently weighed in on SMMT. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. Stifel Nicolaus boosted their price target on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. JMP Securities initiated coverage on Summit Therapeutics in a report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research report on Monday, November 18th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $34.00.

Summit Therapeutics Price Performance

NASDAQ:SMMT opened at $18.54 on Friday. Summit Therapeutics has a 12 month low of $2.05 and a 12 month high of $33.89. The firm has a market capitalization of $13.67 billion, a PE ratio of -66.21 and a beta of -0.92. The business’s fifty day moving average price is $19.78 and its 200 day moving average price is $14.63.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Franklin Resources Inc. acquired a new stake in shares of Summit Therapeutics during the 3rd quarter valued at approximately $2,091,000. Virtu Financial LLC acquired a new position in Summit Therapeutics during the third quarter worth $925,000. Geode Capital Management LLC raised its holdings in Summit Therapeutics by 4.6% during the third quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company’s stock worth $67,899,000 after purchasing an additional 135,981 shares during the last quarter. XTX Topco Ltd grew its holdings in Summit Therapeutics by 54.3% in the third quarter. XTX Topco Ltd now owns 23,915 shares of the company’s stock valued at $524,000 after purchasing an additional 8,415 shares during the last quarter. Finally, Polar Asset Management Partners Inc. purchased a new position in shares of Summit Therapeutics in the third quarter valued at $685,000. Institutional investors and hedge funds 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.