Summit Therapeutics (NASDAQ:SMMT) Downgraded by Jefferies Financial Group to “Hold”

Jefferies Financial Group lowered shares of Summit Therapeutics (NASDAQ:SMMT) from a buy rating to a hold rating in a research report sent to investors on Monday morning, Marketbeat reports. The firm currently has $15.00 target price on the stock, down from their previous target price of $42.00.

Several other brokerages have also commented on SMMT. Citizens Jmp reissued a “market outperform” rating and set a $40.00 price objective on shares of Summit Therapeutics in a research report on Friday, January 30th. Barclays raised shares of Summit Therapeutics from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $16.00 to $18.00 in a research report on Wednesday, December 17th. Summit Redstone set a $18.00 price target on shares of Summit Therapeutics in a research note on Wednesday, December 17th. Citigroup reissued a “buy” rating on shares of Summit Therapeutics in a research report on Tuesday, February 24th. Finally, 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 research note on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $29.83.

Summit Therapeutics Stock Performance

Shares of NASDAQ:SMMT opened at $16.17 on Monday. The firm has a market capitalization of $12.54 billion, a P/E ratio of -11.15 and a beta of -1.43. The stock has a 50 day moving average price of $16.04 and a 200-day moving average price of $18.08. Summit Therapeutics has a 52-week low of $13.83 and a 52-week high of $36.91.

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

Hedge Funds Weigh In On Summit Therapeutics

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

Summit Therapeutics Company Profile

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.