Rafferty Asset Management LLC Acquires 203,377 Shares of Summit Therapeutics Inc. (NASDAQ:SMMT)

Rafferty Asset Management LLC raised its holdings in shares of Summit Therapeutics Inc. (NASDAQ:SMMT) by 187.8% during the fourth quarter, HoldingsChannel reports. The fund owned 311,692 shares of the company’s stock after purchasing 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 Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brooklyn Investment Group bought a new stake in Summit Therapeutics during the 4th quarter valued at $29,000. National Bank of Canada FI bought a new stake in Summit Therapeutics during the 4th quarter valued at $30,000. Steward Partners Investment Advisory LLC raised its holdings in Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after acquiring an additional 900 shares during the period. Rakuten Securities Inc. bought a new stake in Summit Therapeutics during the 4th quarter valued at $71,000. Finally, Avanza Fonder AB purchased a new position in shares of Summit Therapeutics during the 4th quarter valued at $115,000. Institutional investors own 4.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SMMT shares. StockNews.com upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. Citigroup upgraded shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and boosted their price target for the company from $23.00 to $35.00 in a research report on Wednesday, March 26th. Jefferies Financial Group set a $44.00 price target on shares of Summit Therapeutics and gave the company a “buy” rating in a research report on Friday, April 25th. The Goldman Sachs Group boosted their price target on shares of Summit Therapeutics from $37.00 to $41.00 and gave the company a “buy” rating in a research report on Friday, May 2nd. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $37.40.

Summit Therapeutics Stock Performance

Shares of NASDAQ:SMMT opened at $23.87 on Friday. Summit Therapeutics Inc. has a 52-week low of $2.10 and a 52-week high of $36.91. The firm has a fifty day moving average of $22.49 and a 200 day moving average of $20.54. The firm has a market capitalization of $17.73 billion, a PE ratio of -85.25 and a beta of -0.94.

Summit Therapeutics (NASDAQ:SMMT) last announced 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, sell-side analysts forecast that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

About Summit Therapeutics

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.