Summit Therapeutics (NASDAQ:SMMT) Trading Down 6.2% – Here’s What Happened

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price fell 6.2% during trading on Friday . The stock traded as low as $17.98 and last traded at $18.09. 882,894 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 3,409,062 shares. The stock had previously closed at $19.28.

Wall Street Analysts Forecast Growth

SMMT has been the topic of a number of research analyst reports. Stifel Nicolaus boosted their target price on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 25th. Citigroup downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their price objective for the company from $19.00 to $23.00 in a research note on Friday, September 27th. Jefferies Financial Group began coverage on Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 target price on the stock. JMP Securities started coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price target on the stock. Finally, HC Wainwright restated a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a report on Monday, November 18th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Summit Therapeutics has an average rating of “Moderate Buy” and an average target price of $33.33.

Summit Therapeutics Stock Performance

The firm has a 50 day moving average price of $19.28 and a two-hundred day moving average price of $15.69. The company has a market cap of $13.39 billion, a P/E ratio of -64.85 and a beta of -0.92.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. lifted its stake in shares of Summit Therapeutics by 131.9% during the 2nd quarter. Principal Financial Group Inc. now owns 36,133 shares of the company’s stock valued at $282,000 after buying an additional 20,553 shares in the last quarter. CIBC Asset Management Inc bought a new stake in Summit Therapeutics during the 2nd quarter valued at $154,000. TD Asset Management Inc purchased a new stake in shares of Summit Therapeutics during the second quarter worth $2,081,000. Sargent Investment Group LLC boosted its holdings in shares of Summit Therapeutics by 620.0% in the second quarter. Sargent Investment Group LLC now owns 72,000 shares of the company’s stock worth $562,000 after acquiring an additional 62,000 shares during the period. Finally, XTX Topco Ltd purchased a new position in shares of Summit Therapeutics in the second quarter valued at $121,000. Institutional investors own 4.61% of the company’s stock.

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.