Summit Therapeutics (NASDAQ:SMMT) Shares Down 6.2% – Time to Sell?
by Jessica Moore · The Cerbat GemShares of Summit Therapeutics PLC (NASDAQ:SMMT – Get Free Report) dropped 6.2% on Wednesday . The stock traded as low as $24.94 and last traded at $24.7370. Approximately 1,077,004 shares traded hands during trading, a decline of 62% from the average daily volume of 2,820,486 shares. The stock had previously closed at $26.38.
Wall Street Analysts Forecast Growth
SMMT has been the topic of several recent analyst reports. HC Wainwright reduced their target price on Summit Therapeutics from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Jefferies Financial Group lowered Summit Therapeutics from a “buy” rating to a “hold” rating and reduced their target price for the stock from $42.00 to $15.00 in a report on Monday, March 16th. Truist Financial upgraded Summit Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Citizens Jmp reiterated a “market outperform” rating and set a $40.00 target price on shares of Summit Therapeutics in a report on Friday, January 30th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a report on Thursday, January 22nd. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $31.00.
Get Our Latest Stock Analysis on Summit Therapeutics
Summit Therapeutics Stock Down 9.6%
The stock has a 50 day simple moving average of $17.48 and a two-hundred day simple moving average of $17.82. The stock has a market capitalization of $18.50 billion, a P/E ratio of -16.40 and a beta of -1.36.
Summit Therapeutics (NASDAQ:SMMT – Get Free Report) last posted its quarterly earnings results on Monday, February 23rd. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.07). Sell-side analysts predict that Summit Therapeutics PLC will post -1.31 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Summit Therapeutics
Several institutional investors and hedge funds have recently made changes to their positions in the company. Banque Cantonale Vaudoise acquired a new position in shares of Summit Therapeutics in the first quarter valued at approximately $453,000. Wealth Management Partners LLC grew its position in Summit Therapeutics by 7.3% during the first quarter. Wealth Management Partners LLC now owns 63,784 shares of the company’s stock worth $1,209,000 after buying an additional 4,354 shares in the last quarter. SG Americas Securities LLC grew its position in Summit Therapeutics by 243.3% during the first quarter. SG Americas Securities LLC now owns 53,523 shares of the company’s stock worth $1,015,000 after buying an additional 37,934 shares in the last quarter. Hsbc Holdings PLC acquired a new stake in Summit Therapeutics during the fourth quarter worth approximately $1,723,000. Finally, T. Rowe Price Investment Management Inc. grew its position in Summit Therapeutics by 2,654.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after buying an additional 1,805 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.
About Summit Therapeutics
Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.
Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.