Rafferty Asset Management LLC Boosts Stake in Summit Therapeutics Inc. (NASDAQ:SMMT)

Rafferty Asset Management LLC increased its position in shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 187.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 311,692 shares of the company's stock after acquiring an additional 203,377 shares during the quarter. Rafferty Asset Management LLC's holdings in Summit Therapeutics were worth $5,562,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SMMT. Brooklyn Investment Group purchased a new stake in Summit Therapeutics in the 4th quarter valued at about $29,000. National Bank of Canada FI acquired a new stake in shares of Summit Therapeutics in the fourth quarter worth approximately $30,000. Steward Partners Investment Advisory LLC grew its holdings in Summit Therapeutics by 56.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock valued at $45,000 after purchasing an additional 900 shares during the period. Rakuten Securities Inc. purchased a new stake in Summit Therapeutics in the fourth quarter valued at approximately $71,000. Finally, Avanza Fonder AB acquired a new position in Summit Therapeutics during the fourth quarter worth approximately $115,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SMMT has been the subject of several research reports. Citigroup raised shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $23.00 to $35.00 in a research note on Wednesday, March 26th. JMP Securities reiterated a "market outperform" rating and issued a $40.00 target price on shares of Summit Therapeutics in a report on Monday, April 28th. Wall Street Zen raised Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Tuesday, May 13th. The Goldman Sachs Group raised their price objective on Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Finally, Evercore ISI assumed coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price objective on the stock. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $37.40.

Summit Therapeutics Stock Performance

Shares of SMMT stock traded down $0.10 during trading hours on Friday, reaching $25.67. The company had a trading volume of 666,628 shares, compared to its average volume of 3,892,214. The company has a market capitalization of $19.06 billion, a P/E ratio of -91.68 and a beta of -0.94. Summit Therapeutics Inc. has a twelve month low of $2.10 and a twelve month high of $36.91. The stock's fifty day simple moving average is $22.88 and its 200 day simple moving average is $20.68.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released 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. As a group, equities analysts expect that Summit Therapeutics Inc. will post -0.3 earnings per share 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.