Jefferies Financial Group Inc. Invests $803,000 in Summit Therapeutics Inc. (NASDAQ:SMMT)

Jefferies Financial Group Inc. bought a new stake in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 45,001 shares of the company’s stock, valued at approximately $803,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Franklin Resources Inc. bought a new stake in shares of Summit Therapeutics during the 3rd quarter worth $2,091,000. SeaCrest Wealth Management LLC acquired a new position in shares of Summit Therapeutics in the 4th quarter valued at $444,000. Assenagon Asset Management S.A. purchased a new position in Summit Therapeutics in the 4th quarter worth about $229,000. Avanza Fonder AB purchased a new stake in Summit Therapeutics during the fourth quarter valued at about $115,000. Finally, Brooklyn Investment Group purchased a new stake in Summit Therapeutics during the fourth quarter valued at about $29,000. 4.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on SMMT shares. JMP Securities reissued a “market outperform” rating and issued a $40.00 target price on shares of Summit Therapeutics in a research report on Monday, April 28th. Citigroup raised shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and boosted their target price for the company from $23.00 to $35.00 in a research note on Wednesday, March 26th. HC Wainwright reaffirmed a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research report on Monday, April 28th. The Goldman Sachs Group lifted their price target on Summit Therapeutics from $37.00 to $41.00 and gave the company a “buy” rating in a report on Friday, May 2nd. Finally, Jefferies Financial Group set a $44.00 price objective on Summit Therapeutics and gave the stock a “buy” rating in a research note on Friday, April 25th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $37.40.

Summit Therapeutics Trading Up 1.5%

Shares of NASDAQ:SMMT opened at $23.09 on Friday. The firm has a market cap of $17.15 billion, a price-to-earnings ratio of -82.46 and a beta of -0.94. Summit Therapeutics Inc. has a 1 year low of $2.10 and a 1 year high of $36.91. The business has a fifty day simple moving average of $22.38 and a 200 day simple moving average of $20.51.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. On average, sell-side analysts forecast that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

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.