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

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) 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.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SMMT. Leerink Partnrs upgraded Summit Therapeutics to a "strong sell" rating in a research report on Wednesday. Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a research report on Wednesday, April 23rd. Evercore ISI started coverage on shares of Summit Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price objective for the company. Jefferies Financial Group set a $44.00 price target on shares of Summit Therapeutics and gave the company a "buy" rating in a research report on Friday, April 25th. Finally, Wall Street Zen upgraded Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $35.09.

Summit Therapeutics Stock Performance

The company has a market cap of $14.97 billion, a P/E ratio of -72.00 and a beta of -1.06. The stock has a 50-day moving average of $23.56 and a two-hundred day moving average of $20.90.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SMMT. Janney Montgomery Scott LLC increased its stake in shares of Summit Therapeutics by 39.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 15,716 shares of the company's stock worth $280,000 after purchasing an additional 4,443 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Summit Therapeutics by 4.5% during the 4th quarter. Rhumbline Advisers now owns 125,202 shares of the company's stock worth $2,234,000 after acquiring an additional 5,394 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Summit Therapeutics by 252.8% during the 4th quarter. Principal Financial Group Inc. now owns 205,150 shares of the company's stock valued at $3,661,000 after acquiring an additional 147,003 shares during the last quarter. CIBC Asset Management Inc grew its holdings in shares of Summit Therapeutics by 5.5% in the fourth quarter. CIBC Asset Management Inc now owns 21,577 shares of the company's stock valued at $385,000 after purchasing an additional 1,132 shares in the last quarter. Finally, New York State Common Retirement Fund increased its position in Summit Therapeutics by 18.6% in the fourth quarter. New York State Common Retirement Fund now owns 29,377 shares of the company's stock worth $524,000 after purchasing an additional 4,600 shares during the last quarter. Hedge funds and other institutional investors own 4.61% of the company's stock.

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.