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

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $22.08, but opened at $21.45. Summit Therapeutics shares last traded at $22.02, with a volume of 1,050,755 shares trading hands.

Wall Street Analysts Forecast Growth

SMMT has been the topic of several analyst reports. Citigroup raised shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $23.00 to $35.00 in a research report on Wednesday, March 26th. Jefferies Financial Group set a $44.00 price target on shares of Summit Therapeutics and gave the stock a "buy" rating in a research report on Friday, April 25th. Leerink Partnrs raised shares of Summit Therapeutics to a "strong sell" rating in a research report on Wednesday. Evercore ISI initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 price target on the stock. Finally, Summit Redstone set a $35.00 price target on shares of Summit Therapeutics in a research report on Wednesday, March 26th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Summit Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $35.09.

Summit Therapeutics Stock Performance

The stock's fifty day moving average price is $23.68 and its 200-day moving average price is $20.92. The company has a market capitalization of $14.69 billion, a P/E ratio of -70.64 and a beta of -1.06.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.10) by $0.01. On average, research analysts predict that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Rhumbline Advisers grew its stake in Summit Therapeutics by 4.5% in the 4th quarter. Rhumbline Advisers now owns 125,202 shares of the company's stock valued at $2,234,000 after buying an additional 5,394 shares during the last quarter. Principal Financial Group Inc. grew its stake in 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 buying an additional 147,003 shares during the last quarter. CIBC Asset Management Inc grew its stake in Summit Therapeutics by 5.5% in the 4th quarter. CIBC Asset Management Inc now owns 21,577 shares of the company's stock valued at $385,000 after buying an additional 1,132 shares during the last quarter. New York State Common Retirement Fund grew its stake in Summit Therapeutics by 18.6% in the 4th quarter. New York State Common Retirement Fund now owns 29,377 shares of the company's stock valued at $524,000 after buying an additional 4,600 shares during the last quarter. Finally, World Equity Group Inc. grew its stake in Summit Therapeutics by 94.3% in the 4th quarter. World Equity Group Inc. now owns 28,834 shares of the company's stock valued at $515,000 after buying an additional 13,992 shares during the last quarter. 4.61% of the stock is owned by institutional investors.

About Summit Therapeutics

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.