Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 5% – What’s Next?

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) dropped 5% on Thursday . The stock traded as low as $21.93 and last traded at $22.28. Approximately 1,279,842 shares changed hands during trading, a decline of 66% from the average daily volume of 3,729,485 shares. The stock had previously closed at $23.46.

Analyst Ratings Changes

A number of equities analysts have weighed in on SMMT shares. Stifel Nicolaus lifted their price target on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. HC Wainwright reiterated a “buy” rating and issued a $45.00 target price on shares of Summit Therapeutics in a report on Friday, October 4th. Finally, Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their price target for the stock from $19.00 to $23.00 in a research note on Friday, September 27th.

Summit Therapeutics Price Performance

The firm’s 50-day moving average price is $18.34 and its 200-day moving average price is $10.72. The company has a market cap of $15.37 billion, a price-to-earnings ratio of -92.21 and a beta of -0.97.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. On average, sell-side analysts anticipate that Summit Therapeutics Inc. will post -0.27 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. grew 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 acquiring an additional 3,579 shares in the last quarter. Virtu Financial LLC grew its holdings in Summit Therapeutics by 23.3% during the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after purchasing an additional 3,846 shares in the last quarter. Fullcircle Wealth LLC purchased a new stake in Summit Therapeutics during the 2nd quarter worth $95,000. EntryPoint Capital LLC acquired a new position in Summit Therapeutics in the 1st quarter worth $100,000. Finally, XTX Topco Ltd purchased a new position in Summit Therapeutics in the 2nd quarter valued at about $121,000. 4.61% of the stock is currently owned by hedge funds and other 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.