Summit Therapeutics (NASDAQ:SMMT) Shares Gap Down - Here's What Happened

Key Points

• Summit Therapeutics shares dropped sharply from a previous close of $25.98 to open at $21.53, closing at $20.54 with a trading volume of over 5.6 million shares.
• Analysts have mixed opinions on the stock, with ratings ranging from "Strong Buy" to "Sell", and a consensus price target of $33.79.
• The company reported a significant earnings miss for the quarter, with an EPS of ($0.76), falling short of the consensus estimate of ($0.10).

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $25.98, but opened at $21.53. Summit Therapeutics shares last traded at $20.54, with a volume of 5,655,106 shares trading hands.

Analyst Ratings Changes

Several brokerages have recently commented on SMMT. Leerink Partners assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, June 11th. They set an "underperform" rating and a $12.00 price target on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Summit Therapeutics in a report on Monday. JMP Securities reaffirmed a "market outperform" rating and issued a $40.00 price target on shares of Summit Therapeutics in a research note on Wednesday, September 3rd. UBS Group initiated coverage on Summit Therapeutics in a research report on Tuesday, July 1st. They set a "buy" rating and a $30.00 price objective on the stock. Finally, HC Wainwright restated a "buy" rating and set a $50.00 price objective on shares of Summit Therapeutics in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Summit Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $33.79.

Summit Therapeutics Trading Down 25.9%

The stock has a market cap of $14.30 billion, a P/E ratio of -19.06 and a beta of -1.02. The stock's 50-day moving average is $25.85 and its 200-day moving average is $23.21.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.66). On average, equities analysts forecast that Summit Therapeutics PLC will post -0.3 EPS for the current year.

Institutional Trading of Summit Therapeutics

Several hedge funds have recently modified their holdings of the company. Cerity Partners LLC grew its holdings in Summit Therapeutics by 0.4% during the 1st quarter. Cerity Partners LLC now owns 113,654 shares of the company's stock worth $2,192,000 after acquiring an additional 440 shares during the period. SBI Securities Co. Ltd. increased its position in Summit Therapeutics by 34.1% in the 2nd quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company's stock valued at $37,000 after acquiring an additional 447 shares during the period. Exchange Traded Concepts LLC grew its holdings in Summit Therapeutics by 11.4% in the first quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company's stock worth $122,000 after purchasing an additional 647 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Summit Therapeutics by 1.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock worth $1,273,000 after buying an additional 694 shares in the last quarter. Finally, Golden State Wealth Management LLC raised its position in shares of Summit Therapeutics by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock valued at $29,000 after purchasing an additional 751 shares during the period. Institutional investors and hedge funds 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.

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