Summit Therapeutics (NASDAQ:SMMT) Trading Down 4.7% – Here’s What Happened

Summit Therapeutics Inc. (NASDAQ:SMMT) shares fell 4.7% on Friday . The stock traded as low as $23.56 and last traded at $23.49. 1,773,291 shares traded hands during trading, a decline of 33% from the average session volume of 2,665,506 shares. The stock had previously closed at $24.65.

Analysts Set New Price Targets

Several brokerages have weighed in on SMMT. Truist Financial began coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 target price on the stock. 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. Jefferies Financial Group assumed coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They issued a “buy” rating and a $31.00 price target on the stock. JMP Securities assumed coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price target on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a research report on Tuesday, January 21st. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $33.57.

Summit Therapeutics Stock Down 3.6 %

The stock’s 50 day moving average price is $18.80 and its 200 day moving average price is $17.35.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Wednesday, October 30th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). During the same quarter last year, the firm earned ($0.03) EPS. As a group, sell-side analysts forecast that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SMMT. Millennium Management LLC acquired a new position in Summit Therapeutics during the 2nd quarter worth $15,154,000. Baker BROS. Advisors LP grew its holdings in Summit Therapeutics by 5.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after acquiring an additional 1,202,643 shares in the last quarter. abrdn plc acquired a new position in Summit Therapeutics during the 3rd quarter worth $24,885,000. FMR LLC lifted its position in shares of Summit Therapeutics by 9.8% in the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after buying an additional 737,692 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Summit Therapeutics by 53.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock worth $31,376,000 after buying an additional 497,984 shares during the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

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.