Summit Therapeutics (NASDAQ:SMMT) Trading Down 5.2%

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) traded down 5.2% on Monday . The stock traded as low as $10.91 and last traded at $10.95. 678,198 shares were traded during trading, a decline of 78% from the average session volume of 3,062,840 shares. The stock had previously closed at $11.55.

Analyst Upgrades and Downgrades

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

Summit Therapeutics Stock Performance

The firm’s 50-day moving average price is $7.69 and its two-hundred day moving average price is $5.37. The company has a debt-to-equity ratio of 2.26, a quick ratio of 6.97 and a current ratio of 6.97. The stock has a market cap of $7.57 billion, a price-to-earnings ratio of -67.25 and a beta of -0.97.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Wednesday, May 1st. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. On average, analysts expect that Summit Therapeutics Inc. will post -0.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Hoylecohen LLC lifted its position in Summit Therapeutics by 2.4% in the second quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock valued at $674,000 after buying an additional 2,000 shares during the last quarter. Russell Investments Group Ltd. lifted its position 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 buying an additional 3,579 shares during the last quarter. Virtu Financial LLC lifted its position in shares of Summit Therapeutics by 23.3% during the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after purchasing an additional 3,846 shares in the last quarter. Alpine Global Management LLC lifted its position in shares of Summit Therapeutics by 16.7% during the first quarter. Alpine Global Management LLC now owns 35,000 shares of the company’s stock worth $145,000 after purchasing an additional 5,000 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Summit Therapeutics by 18.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock worth $138,000 after purchasing an additional 5,139 shares in the last quarter. Institutional investors and hedge funds 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.