Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 10.4% – Time to Sell?

Summit Therapeutics Inc. (NASDAQ:SMMT) shares were down 10.4% during trading on Wednesday . The company traded as low as $19.51 and last traded at $19.55. Approximately 202,951 shares changed hands during trading, a decline of 94% from the average daily volume of 3,657,597 shares. The stock had previously closed at $21.83.

Analyst Ratings Changes

A number of research analysts recently commented on SMMT shares. Citigroup downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $19.00 to $23.00 in a research note on Friday, September 27th. HC Wainwright lowered their target price on Summit Therapeutics from $45.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Stifel Nicolaus boosted their price target on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th.

Summit Therapeutics Stock Down 0.3 %

The firm’s fifty day simple moving average is $19.84 and its 200 day simple moving average is $11.75.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. Sell-side analysts predict that Summit Therapeutics Inc. will post -0.27 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 business. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Summit Therapeutics by 131.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company’s stock valued at $168,000 after purchasing an additional 22,977 shares during the period. Russell Investments Group Ltd. raised its position in shares of 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 purchasing an additional 3,579 shares during the period. ProShare Advisors LLC raised its position in shares of Summit Therapeutics by 9.4% in the first quarter. ProShare Advisors LLC now owns 69,995 shares of the company’s stock valued at $290,000 after purchasing an additional 6,035 shares during the period. Vanguard Group Inc. raised its position in shares of Summit Therapeutics by 3.6% in the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after purchasing an additional 254,261 shares during the period. Finally, EntryPoint Capital LLC bought a new position in shares of Summit Therapeutics in the first quarter valued at approximately $100,000. 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.