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

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SMMT. JMP Securities started coverage on Summit Therapeutics in a research report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective for the company. Stifel Nicolaus boosted their price target on Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 target price on the stock. Finally, Jefferies Financial Group began coverage on shares of Summit Therapeutics in a report on Friday, December 6th. They issued a “buy” rating and a $31.00 price target for the company. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $33.33.

Summit Therapeutics Stock Performance

The stock’s 50 day simple moving average is $19.28 and its 200 day simple moving average is $15.69. The firm has a market cap of $13.39 billion, a P/E ratio of -64.85 and a beta of -0.92.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in SMMT. Darwin Wealth Management LLC acquired a new position in Summit Therapeutics during the 3rd quarter valued at about $25,000. Covestor Ltd boosted its position in shares of Summit Therapeutics by 2,767.4% during the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after buying an additional 1,190 shares during the last quarter. Fred Alger Management LLC bought a new stake in Summit Therapeutics during the third quarter worth $105,000. XTX Topco Ltd purchased a new stake in Summit Therapeutics in the 2nd quarter valued at $121,000. Finally, CIBC Asset Management Inc bought a new position in Summit Therapeutics during the 2nd quarter valued at $154,000. 4.61% of the stock is 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.