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

Rafferty Asset Management LLC increased its stake in Summit Therapeutics Inc. (NASDAQ:SMMT - Free Report) by 187.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of SMMT. Franklin Resources Inc. bought a new stake in shares of Summit Therapeutics in the 3rd quarter valued at $2,091,000. Assenagon Asset Management S.A. bought a new stake in shares of Summit Therapeutics in the 4th quarter valued at $229,000. Avanza Fonder AB bought a new stake in shares of Summit Therapeutics in the 4th quarter valued at $115,000. Brooklyn Investment Group bought a new stake in shares of Summit Therapeutics in the 4th quarter valued at $29,000. Finally, Wealth Management Partners LLC increased its stake in shares of Summit Therapeutics by 10.2% in the 4th quarter. Wealth Management Partners LLC now owns 97,383 shares of the company's stock valued at $1,738,000 after acquiring an additional 9,000 shares in the last quarter. Institutional investors own 4.61% of the company's stock.

Summit Therapeutics Price Performance

Shares of NASDAQ SMMT traded up $0.38 during trading on Tuesday, hitting $24.39. The stock had a trading volume of 1,836,456 shares, compared to its average volume of 3,886,009. Summit Therapeutics Inc. has a 12 month low of $2.10 and a 12 month high of $36.91. The company has a market capitalization of $18.11 billion, a PE ratio of -87.10 and a beta of -0.94. The firm has a fifty day moving average of $22.57 and a two-hundred day moving average of $20.58.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.01. On average, equities analysts expect that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SMMT has been the subject of several research analyst reports. Jefferies Financial Group set a $44.00 price objective on shares of Summit Therapeutics and gave the company a "buy" rating in a research note on Friday, April 25th. TD Cowen raised shares of Summit Therapeutics to a "strong-buy" rating in a research report on Thursday, May 8th. JMP Securities reissued a "market outperform" rating and issued a $40.00 price target 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 lifted their price target for the company from $23.00 to $35.00 in a research report on Wednesday, March 26th. Finally, Evercore ISI started coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price target for the company. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Summit Therapeutics has an average rating of "Buy" and a consensus price target of $37.40.

Summit Therapeutics Company 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.