Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 7.5% - What's Next?

Key Points

• Summit Therapeutics shares fell 7.5% in mid-day trading to about $14.83, with trading volume 87% below the average daily level.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $28.61; Goldman Sachs assigned a $41 target and “buy” rating.
• Summit is developing oncology treatments, led by ivonescimab, a bispecific antibody being tested in non-small cell lung cancer under an international licensing agreement with Akeso.

Shares of Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) were down 7.5% during mid-day trading on Monday. The stock traded as low as $15.30 and last traded at $14.8340. 620,476 shares changed hands during trading, a decline of 87% from the average daily volume of 4,607,229 shares. The stock had previously closed at $16.03.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SMMT shares. Wall Street Zen upgraded Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, September 5th. The Goldman Sachs Group set a $41.00 price target on shares of Summit Therapeutics and gave the company a "buy" rating in a research note on Tuesday, September 29th. Citigroup reiterated a "market outperform" rating on shares of Summit Therapeutics in a report on Tuesday, October 27th. HC Wainwright reaffirmed a "buy" rating on shares of Summit Therapeutics in a report on Thursday, October 15th. Finally, Stifel Nicolaus lowered their price objective on Summit Therapeutics from $45.00 to $38.00 and set a "buy" rating for the company in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $28.61.

Summit Therapeutics Stock Down 6.8%

The company has a market capitalization of $11.95 billion, a PE ratio of -13.33 and a beta of -1.49. The company has a 50-day moving average price of $16.06 and a two-hundred day moving average price of $16.18.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Fifth Third Bancorp increased its position in shares of Summit Therapeutics by 24.4% during the first quarter. Fifth Third Bancorp now owns 3,732 shares of the company's stock valued at $71,000 after acquiring an additional 732 shares in the last quarter. Tidal Investments LLC raised its stake in Summit Therapeutics by 0.7% during the 2nd quarter. Tidal Investments LLC now owns 121,097 shares of the company's stock valued at $1,764,000 after purchasing an additional 783 shares during the period. GAMMA Investing LLC lifted its stake in Summit Therapeutics by 61.7% in the 3rd quarter. GAMMA Investing LLC now owns 2,697 shares of the company's stock worth $46,000 after purchasing an additional 1,029 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of Summit Therapeutics by 792.3% in the third quarter. IFP Advisors Inc now owns 1,508 shares of the company's stock valued at $26,000 after purchasing an additional 1,339 shares in the last quarter. Finally, CX Institutional increased its stake in Summit Therapeutics by 244.8% during the third quarter. CX Institutional now owns 2,038 shares of the company's stock worth $34,000 after acquiring an additional 1,447 shares during the last quarter. Institutional investors own 4.61% of the company's stock.

Summit Therapeutics Company Profile

Summit Therapeutics Inc is a biopharmaceutical company focused on developing and commercializing innovative medicines for the treatment of cancer. The company's primary focus is oncology, with an emphasis on therapies designed to improve outcomes for patients with serious diseases.

Summit's lead product candidate is ivonescimab, a bispecific antibody that is designed to combine immune checkpoint inhibition against PD-1 with anti-angiogenic activity targeting VEGF. The company is advancing ivonescimab in clinical studies for non-small cell lung cancer and is evaluating the therapy in combination with other cancer treatments and across additional treatment settings.

Summit holds exclusive rights to develop and commercialize ivonescimab in markets outside China through a licensing and collaboration agreement with Akeso, a China-based biopharmaceutical company.

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