Summit Therapeutics (NASDAQ:SMMT) Trading Down 15.6% – Here’s Why

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price dropped 15.6% on Monday . The stock traded as low as $19.01 and last traded at $18.68. Approximately 2,052,482 shares were traded during mid-day trading, a decline of 10% from the average daily volume of 2,291,514 shares. The stock had previously closed at $22.12.

Wall Street Analysts Forecast Growth

SMMT has been the subject of a number of recent analyst reports. Truist Financial began coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price target for the company. Wells Fargo & Company assumed coverage on Summit Therapeutics in a report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price target for the company. HC Wainwright restated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday. StockNews.com cut Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, JMP Securities began coverage on Summit Therapeutics in a report on Monday, November 4th. They set a “market outperform” rating and a $32.00 target price on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.57.

Summit Therapeutics Stock Up 1.0 %

The company has a market cap of $13.50 billion, a P/E ratio of -65.35 and a beta of -0.88. The firm’s 50 day moving average is $19.90 and its two-hundred day moving average is $19.20.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Monday, February 24th. The company reported ($0.08) EPS for the quarter, meeting analysts’ consensus estimates of ($0.08). The firm had revenue of $0.20 million during the quarter. As a group, research analysts forecast that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of SMMT. Darwin Wealth Management LLC bought a new position in shares of Summit Therapeutics in the third quarter valued at $25,000. Covestor Ltd raised its holdings in shares of Summit Therapeutics by 2,767.4% in the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after acquiring an additional 1,190 shares during the last quarter. Brooklyn Investment Group bought a new position in Summit Therapeutics in the 4th quarter valued at about $29,000. National Bank of Canada FI acquired a new position in Summit Therapeutics during the 4th quarter valued at about $30,000. Finally, Steward Partners Investment Advisory LLC boosted its stake 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 purchasing 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.