Summit Therapeutics (NASDAQ:SMMT) Trading Down 5.4% – Here’s What Happened

Summit Therapeutics Inc. (NASDAQ:SMMT) traded down 5.4% during mid-day trading on Tuesday . The company traded as low as $24.52 and last traded at $24.71. 1,050,621 shares were traded during mid-day trading, a decline of 70% from the average session volume of 3,533,891 shares. The stock had previously closed at $26.13.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on SMMT shares. The Goldman Sachs Group began coverage on shares of Summit Therapeutics in a research report on Friday, February 28th. They issued a “buy” rating and a $42.00 target price for the company. Evercore ISI initiated coverage on Summit Therapeutics in a report on Wednesday, March 12th. They issued an “outperform” rating and a $30.00 price objective for the company. Summit Redstone set a $35.00 target price on Summit Therapeutics in a report on Wednesday, March 26th. Citigroup upgraded Summit Therapeutics from a “neutral” rating to a “buy” rating and raised their price target for the company from $23.00 to $35.00 in a research note on Wednesday, March 26th. Finally, HC Wainwright reiterated a “buy” rating and set a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, February 25th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Summit Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $35.40.

Summit Therapeutics Stock Performance

The firm has a fifty day simple moving average of $19.94 and a 200-day simple moving average of $19.73. The firm has a market cap of $17.00 billion, a price-to-earnings ratio of -82.32 and a beta of -0.46.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). The company had revenue of $0.20 million for the quarter. Analysts expect that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Griffin Asset Management Inc. lifted its holdings in Summit Therapeutics by 5.9% during the 1st quarter. Griffin Asset Management Inc. now owns 117,210 shares of the company’s stock worth $2,261,000 after purchasing an additional 6,550 shares during the last quarter. Polianta Ltd acquired a new stake in shares of Summit Therapeutics during the first quarter worth $1,168,000. Fifth Third Bancorp boosted its position in shares of Summit Therapeutics by 1,400.0% in the first quarter. Fifth Third Bancorp now owns 3,000 shares of the company’s stock valued at $58,000 after acquiring an additional 2,800 shares during the period. Rhumbline Advisers boosted its position in shares of Summit Therapeutics by 5.2% in the first quarter. Rhumbline Advisers now owns 131,760 shares of the company’s stock valued at $2,542,000 after acquiring an additional 6,558 shares during the period. Finally, GAMMA Investing LLC increased its position in Summit Therapeutics by 2,629.7% during the first quarter. GAMMA Investing LLC now owns 15,914 shares of the company’s stock worth $307,000 after acquiring an additional 15,331 shares during the period. 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.