Summit Therapeutics (NASDAQ:SMMT) Shares Down 5.9% – Here’s Why

Summit Therapeutics Inc. (NASDAQ:SMMTGet Free Report) shares fell 5.9% during mid-day trading on Wednesday . The company traded as low as $18.80 and last traded at $18.83. 819,138 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 3,553,185 shares. The stock had previously closed at $20.00.

Analyst Ratings Changes

A number of brokerages have commented on SMMT. Stifel Nicolaus upped their target price 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 restated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Monday. JMP Securities started coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective on the stock. Finally, Citigroup lowered shares of 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 report on Friday, September 27th.

Read Our Latest Report on Summit Therapeutics

Summit Therapeutics Stock Performance

The company has a market capitalization of $14.01 billion, a PE ratio of -65.78 and a beta of -0.92. The stock has a fifty day moving average of $21.15 and a 200 day moving average of $13.43.

Institutional Trading of Summit Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of SMMT. Russell Investments Group Ltd. raised its holdings in shares of Summit Therapeutics by 142.2% during the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after acquiring an additional 3,579 shares in the last quarter. Darwin Wealth Management LLC bought a new stake in Summit Therapeutics in the third quarter worth $25,000. Covestor Ltd raised its stake in Summit Therapeutics by 2,767.4% during the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after purchasing an additional 1,190 shares in the last quarter. Virtu Financial LLC lifted its position in Summit Therapeutics by 23.3% during the first 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 during the last quarter. Finally, Fullcircle Wealth LLC purchased a new position in shares of Summit Therapeutics in the 2nd quarter worth $95,000. 4.61% of the stock is currently owned by institutional investors.

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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