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

Stock analysts at Jefferies Financial Group initiated coverage on shares of Summit Therapeutics (NASDAQ:SMMT) in a research note issued on Friday, Marketbeat reports. The brokerage set a “buy” rating and a $31.00 price target on the stock. Jefferies Financial Group’s target price would suggest a potential upside of 67.21% from the stock’s current price.

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

Summit Therapeutics Stock Up 5.8 %

Shares of NASDAQ SMMT opened at $18.54 on Friday. The stock has a market cap of $13.67 billion, a PE ratio of -66.21 and a beta of -0.92. Summit Therapeutics has a 52-week low of $2.05 and a 52-week high of $33.89. The business has a 50-day moving average price of $19.78 and a 200 day moving average price of $14.56.

Institutional Trading of Summit Therapeutics

Hedge funds have recently made changes to their positions in the company. Darwin Wealth Management LLC acquired a new position in shares of Summit Therapeutics during the third quarter worth about $25,000. Covestor Ltd increased its position in Summit Therapeutics by 2,767.4% during the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after purchasing an additional 1,190 shares during the period. Fullcircle Wealth LLC acquired a new position in Summit Therapeutics during the 2nd quarter worth approximately $95,000. Fred Alger Management LLC purchased a new position in shares of Summit Therapeutics during the 3rd quarter worth approximately $105,000. Finally, XTX Topco Ltd acquired a new stake in shares of Summit Therapeutics in the 2nd quarter valued at approximately $121,000. 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.