Summit Therapeutics (NASDAQ:SMMT) Shares Down 5.9% – Should You Sell?

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) fell 5.9% on Wednesday . The company traded as low as $18.80 and last traded at $18.83. 819,138 shares traded hands during trading, a decline of 77% from the average session volume of 3,553,185 shares. The stock had previously closed at $20.00.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. JMP Securities assumed coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective for the company. Citigroup downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their target price for the stock from $19.00 to $23.00 in a report on Friday, September 27th. Stifel Nicolaus lifted their target price on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. Finally, HC Wainwright reiterated a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a research report on Monday.

Summit Therapeutics Stock Down 6.9 %

The stock has a fifty day moving average price of $21.41 and a 200-day moving average price of $13.36. The firm has a market cap of $13.73 billion, a price-to-earnings ratio of -66.03 and a beta of -0.92.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SMMT. Griffin Asset Management Inc. purchased a new stake in Summit Therapeutics in the 3rd quarter worth about $1,484,000. Millennium Management LLC bought a new stake in shares of Summit Therapeutics in the second quarter valued at about $15,154,000. China Universal Asset Management Co. Ltd. boosted its stake in Summit Therapeutics by 69.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 139,352 shares of the company’s stock worth $3,052,000 after buying an additional 56,879 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Summit Therapeutics in the 3rd quarter worth approximately $717,000. Finally, abrdn plc bought a new stake in Summit Therapeutics during the 3rd quarter worth approximately $24,885,000. 4.61% of the stock is currently owned by institutional investors.

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.