Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 5.4% – Here’s Why

Summit Therapeutics Inc. (NASDAQ:SMMT) shares dropped 5.4% on Monday . The stock traded as low as $20.00 and last traded at $20.34. Approximately 583,844 shares traded hands during trading, a decline of 76% from the average daily volume of 2,401,488 shares. The stock had previously closed at $21.50.

Analyst Ratings Changes

A number of research firms have issued reports on SMMT. HC Wainwright reiterated a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, January 21st. Truist Financial began coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price objective on the stock. Jefferies Financial Group started coverage on Summit Therapeutics in a research note on Friday, December 6th. They set a “buy” rating and a $31.00 target price for the company. JMP Securities started coverage on 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, Wells Fargo & Company began coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective for the company. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $33.57.

Summit Therapeutics Stock Performance

The firm has a market capitalization of $15.32 billion, a price-to-earnings ratio of -74.21 and a beta of -0.88. The company has a 50-day moving average price of $19.19 and a 200-day moving average price of $18.11.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds have recently added to or reduced their stakes in SMMT. Baker BROS. Advisors LP boosted its holdings in shares of Summit Therapeutics by 5.2% in the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after buying an additional 1,202,643 shares in the last quarter. abrdn plc acquired a new position in Summit Therapeutics in the third quarter valued at $24,885,000. FMR LLC boosted its stake in Summit Therapeutics by 9.8% in the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after acquiring an additional 737,692 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Summit Therapeutics by 53.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock worth $31,376,000 after purchasing an additional 497,984 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Summit Therapeutics by 252.8% in the 4th quarter. Principal Financial Group Inc. now owns 205,150 shares of the company’s stock valued at $3,661,000 after purchasing an additional 147,003 shares during the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Company Profile

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.