Summit Therapeutics (NASDAQ:SMMT) Trading Down 5% – Should You Sell?

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price was down 5% on Thursday . The company traded as low as $21.93 and last traded at $22.28. Approximately 1,279,842 shares traded hands during trading, a decline of 66% from the average daily volume of 3,729,485 shares. The stock had previously closed at $23.46.

Analyst Ratings Changes

Several brokerages recently issued reports on SMMT. Stifel Nicolaus increased their price target on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. HC Wainwright reiterated a “buy” rating and set a $45.00 target price on shares of Summit Therapeutics in a report on Friday, October 4th. Finally, Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $19.00 to $23.00 in a research report on Friday, September 27th.

Summit Therapeutics Trading Down 7.2 %

The company’s 50 day moving average is $17.91 and its 200-day moving average is $10.53.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. As a group, analysts expect that Summit Therapeutics Inc. will post -0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. raised its holdings in Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after acquiring an additional 3,579 shares in the last quarter. Willis Investment Counsel bought a new stake in shares of Summit Therapeutics in the 3rd quarter worth about $219,000. Fullcircle Wealth LLC acquired a new stake in shares of Summit Therapeutics in the 2nd quarter valued at about $95,000. XTX Topco Ltd bought a new position in shares of Summit Therapeutics during the second quarter worth about $121,000. Finally, Creative Planning grew its stake in Summit Therapeutics by 45.0% in the third quarter. Creative Planning now owns 15,633 shares of the company’s stock worth $342,000 after purchasing an additional 4,851 shares in the last quarter. 4.61% of the stock is currently owned by hedge funds and other 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.