Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 6.3% – Time to Sell?

Summit Therapeutics Inc. (NASDAQ:SMMT) shares traded down 6.3% during trading on Tuesday . The stock traded as low as $16.85 and last traded at $17.03. 1,376,678 shares changed hands during trading, a decline of 37% from the average session volume of 2,173,251 shares. The stock had previously closed at $18.17.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Wells Fargo & Company assumed coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price target on the stock. Jefferies Financial Group initiated coverage on Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 target price on the stock. Truist Financial initiated coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price on the stock. HC Wainwright reiterated a “buy” rating and issued a $44.00 target price on shares of Summit Therapeutics in a research note on Monday, November 18th. Finally, Stifel Nicolaus lifted their target price on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Summit Therapeutics has an average rating of “Moderate Buy” and an average target price of $33.57.

Summit Therapeutics Stock Down 6.2 %

The company has a market capitalization of $12.57 billion, a price-to-earnings ratio of -60.85 and a beta of -0.87. The stock has a fifty day moving average price of $18.77 and a two-hundred day moving average price of $16.65.

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. acquired a new position in shares of Summit Therapeutics in the fourth quarter worth $229,000. SeaCrest Wealth Management LLC acquired a new position in Summit Therapeutics in the fourth quarter valued at $444,000. Principal Financial Group Inc. increased its stake in Summit Therapeutics by 60.9% in the third quarter. Principal Financial Group Inc. now owns 58,147 shares of the company’s stock valued at $1,273,000 after purchasing an additional 22,014 shares during the last quarter. Franklin Resources Inc. acquired a new position in Summit Therapeutics in the third quarter valued at $2,091,000. Finally, Virtu Financial LLC acquired a new position in Summit Therapeutics in the third quarter valued at $925,000. 4.61% of the stock is owned by institutional investors and hedge funds.

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.