Summit Therapeutics (NASDAQ:SMMT) Shares Down 5.7% – Time to Sell?

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price was down 5.7% on Friday . The company traded as low as $17.70 and last traded at $17.91. Approximately 2,422,509 shares changed hands during mid-day trading, a decline of 2% from the average daily volume of 2,476,794 shares. The stock had previously closed at $18.99.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on SMMT shares. The Goldman Sachs Group started coverage on Summit Therapeutics in a research note on Friday, February 28th. They issued a “buy” rating and a $42.00 target price for the company. Jefferies Financial Group started coverage on Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research note on Tuesday, February 25th. StockNews.com upgraded Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, Truist Financial started coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price for the company. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $34.63.

Summit Therapeutics Stock Down 6.4 %

The firm has a fifty day moving average of $20.00 and a 200-day moving average of $19.56. The firm has a market cap of $13.12 billion, a P/E ratio of -63.50 and a beta of -1.04.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $0.20 million during the quarter. Sell-side analysts anticipate that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Darwin Wealth Management LLC bought a new position in Summit Therapeutics during the third quarter worth about $25,000. Covestor Ltd boosted its holdings in Summit Therapeutics by 2,767.4% during the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after buying an additional 1,190 shares during the last quarter. Brooklyn Investment Group bought a new position in Summit Therapeutics during the fourth quarter worth about $29,000. National Bank of Canada FI bought a new position in Summit Therapeutics during the fourth quarter worth about $30,000. Finally, Steward Partners Investment Advisory LLC boosted its holdings in Summit Therapeutics by 56.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock worth $45,000 after buying an additional 900 shares during the last quarter. Institutional investors own 4.61% of the company’s stock.

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.