Summit Therapeutics (NASDAQ:SMMT) Cut to Hold at Jefferies Financial Group

Jefferies Financial Group cut shares of Summit Therapeutics (NASDAQ:SMMT) from a buy rating to a hold rating in a report released on Monday morning, MarketBeat Ratings reports. Jefferies Financial Group currently has $15.00 target price on the stock, down from their previous target price of $42.00.

Several other research firms have also recently weighed in on SMMT. Barclays upgraded Summit Therapeutics from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $16.00 to $18.00 in a research note on Wednesday, December 17th. HC Wainwright dropped their price objective on shares of Summit Therapeutics from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Thursday, January 22nd. Citizens Jmp reaffirmed a “market outperform” rating and set a $40.00 target price on shares of Summit Therapeutics in a report on Friday, January 30th. Finally, Zacks Research upgraded shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Summit Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $29.83.

Summit Therapeutics Trading Down 1.6%

Summit Therapeutics stock opened at $15.60 on Monday. Summit Therapeutics has a 1-year low of $13.83 and a 1-year high of $36.91. The firm has a market cap of $12.10 billion, a P/E ratio of -10.76 and a beta of -1.43. The firm has a 50-day moving average of $15.91 and a 200-day moving average of $18.01.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Monday, February 23rd. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.07). Research analysts forecast that Summit Therapeutics will post -0.3 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SMMT. Kestra Advisory Services LLC bought a new position in shares of Summit Therapeutics in the fourth quarter worth about $28,000. Crowley Wealth Management Inc. boosted its position in Summit Therapeutics by 66.7% in the 3rd quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock valued at $31,000 after buying an additional 600 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in Summit Therapeutics by 2,654.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock valued at $33,000 after buying an additional 1,805 shares during the period. SBI Securities Co. Ltd. grew its stake in Summit Therapeutics by 34.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock worth $37,000 after acquiring an additional 447 shares in the last quarter. Finally, Parallel Advisors LLC bought a new position in Summit Therapeutics in the 3rd quarter worth about $39,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

About Summit Therapeutics

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.