Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 15.6% – Time to Sell?

Summit Therapeutics Inc. (NASDAQ:SMMT) shares traded down 15.6% during mid-day trading on Monday . The company traded as low as $19.01 and last traded at $18.68. 2,052,482 shares changed hands during mid-day trading, a decline of 10% from the average session volume of 2,291,514 shares. The stock had previously closed at $22.12.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. JMP Securities assumed coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price objective for the company. Wells Fargo & Company started coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price target for the company. StockNews.com downgraded shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Tuesday. Truist Financial began coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price for the company. Finally, HC Wainwright restated a “buy” rating and set a $44.00 price target on shares of Summit Therapeutics in a report on Tuesday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $33.57.

Summit Therapeutics Trading Up 1.0 %

The business’s fifty day simple moving average is $19.90 and its 200 day simple moving average is $19.20. The stock has a market cap of $13.50 billion, a P/E ratio of -65.35 and a beta of -0.88.

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

Institutional Investors Weigh In On Summit Therapeutics

Large investors have recently made changes to their positions in the stock. Darwin Wealth Management LLC bought a new stake in shares of Summit Therapeutics in the third quarter worth $25,000. Covestor Ltd grew its position in Summit Therapeutics by 2,767.4% in 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. Brooklyn Investment Group acquired a new stake in Summit Therapeutics in the 4th quarter valued at $29,000. National Bank of Canada FI bought a new stake in Summit Therapeutics during the 4th quarter worth about $30,000. Finally, Steward Partners Investment Advisory LLC lifted its position in Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock worth $45,000 after buying an additional 900 shares in the last quarter. Institutional investors own 4.61% of the company’s stock.

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.