Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 4.5%

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price traded down 4.5% on Tuesday . The company traded as low as $7.71 and last traded at $7.77. 1,008,831 shares were traded during mid-day trading, a decline of 68% from the average session volume of 3,197,823 shares. The stock had previously closed at $8.14.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Stifel Nicolaus raised their price objective on Summit Therapeutics from $8.00 to $14.00 and gave the stock a “buy” rating in a research report on Monday, June 3rd. Citigroup lifted their price objective on Summit Therapeutics from $7.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, May 31st.

Summit Therapeutics Stock Down 8.6 %

The stock has a 50 day simple moving average of $6.13 and a two-hundred day simple moving average of $4.59. The company has a debt-to-equity ratio of 2.26, a quick ratio of 6.97 and a current ratio of 6.97.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. Analysts forecast that Summit Therapeutics Inc. will post -0.26 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of SMMT. Federated Hermes Inc. purchased a new position in shares of Summit Therapeutics in the 3rd quarter valued at about $33,000. Exchange Traded Concepts LLC lifted its holdings in Summit Therapeutics by 34.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 74,971 shares of the company’s stock valued at $196,000 after acquiring an additional 19,011 shares during the last quarter. Wealth Management Partners LLC acquired a new position in Summit Therapeutics in the fourth quarter valued at approximately $39,000. China Universal Asset Management Co. Ltd. lifted its holdings in Summit Therapeutics by 352.8% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 81,071 shares of the company’s stock valued at $212,000 after acquiring an additional 63,168 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Summit Therapeutics by 55.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,727 shares of the company’s stock valued at $104,000 after acquiring an additional 14,098 shares during the last quarter. Hedge funds and other 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.