Summit Therapeutics (NASDAQ:SMMT) Trading Down 4.7% – Here’s Why

Summit Therapeutics Inc. (NASDAQ:SMMT) was down 4.7% on Friday . The stock traded as low as $23.56 and last traded at $23.49. Approximately 1,773,291 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 2,665,506 shares. The stock had previously closed at $24.65.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on SMMT shares. Jefferies Financial Group started coverage on Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 target price on the stock. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective on the stock. Truist Financial assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a research note on Tuesday. Finally, JMP Securities assumed coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective for the company. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Summit Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.57.

Summit Therapeutics Stock Performance

The company has a market capitalization of $17.52 billion, a price-to-earnings ratio of -84.85 and a beta of -0.87. The company’s fifty day simple moving average is $18.69 and its two-hundred day simple moving average is $17.23.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). During the same quarter last year, the company posted ($0.03) earnings per share. Sell-side analysts anticipate that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors have recently modified their holdings of the company. Darwin Wealth Management LLC bought a new position in Summit Therapeutics in the 3rd quarter worth about $25,000. Covestor Ltd grew its stake in shares of Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after purchasing an additional 1,190 shares in the last quarter. Brooklyn Investment Group acquired a new position in shares of Summit Therapeutics during the fourth quarter valued at $29,000. Fred Alger Management LLC bought a new stake in shares of Summit Therapeutics during the third quarter valued at about $105,000. Finally, Avanza Fonder AB acquired a new stake in Summit Therapeutics in the fourth quarter worth about $115,000. Institutional investors own 4.61% of the company’s stock.

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.