Summit Therapeutics (NASDAQ:SMMT) Trading Down 5% – Here’s Why

by · The Markets Daily

Summit Therapeutics Inc. (NASDAQ:SMMT – Get Free Report) dropped 5% during trading on Thursday . The company traded as low as $21.93 and last traded at $22.28. Approximately 1,279,842 shares were traded 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 Upgrades and Downgrades

Several brokerages have weighed in on SMMT. Stifel Nicolaus raised their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 25th. HC Wainwright reissued a “buy” rating and issued a $45.00 price objective on shares of Summit Therapeutics in a report on Friday, October 4th. Finally, Citigroup downgraded Summit Therapeutics from a “buy” rating to a “neutral” rating and increased their target price for the stock from $19.00 to $23.00 in a report on Friday, September 27th.

Get Our Latest Analysis on SMMT

Summit Therapeutics Trading Down 1.7 %

The stock’s 50-day moving average price is $18.34 and its 200-day moving average price is $10.72. The company has a market capitalization of $15.37 billion, a P/E ratio of -92.21 and a beta of -0.97.

Summit Therapeutics (NASDAQ:SMMT – Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. Sell-side analysts expect that Summit Therapeutics Inc. will post -0.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Griffin Asset Management Inc. bought a new stake in Summit Therapeutics in the third quarter valued at $1,484,000. Creative Planning increased its holdings in shares of Summit Therapeutics by 45.0% in the 3rd quarter. Creative Planning now owns 15,633 shares of the company’s stock worth $342,000 after acquiring an additional 4,851 shares during the period. Willis Investment Counsel bought a new stake in Summit Therapeutics in the 3rd quarter valued at about $219,000. Handelsbanken Fonder AB boosted its stake in Summit Therapeutics by 37.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 88,000 shares of the company’s stock valued at $1,927,000 after purchasing an additional 24,100 shares during the period. Finally, SG Americas Securities LLC acquired a new position in Summit Therapeutics during the 3rd quarter valued at about $717,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

About Summit Therapeutics

(Get Free Report)

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.

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