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

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report)'s share price gapped down prior to trading on Monday . The stock had previously closed at $24.55, but opened at $23.60. Summit Therapeutics shares last traded at $23.49, with a volume of 589,436 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SMMT shares. Leerink Partnrs upgraded Summit Therapeutics to a "strong sell" rating in a research note on Wednesday, June 11th. HC Wainwright reaffirmed a "buy" rating and set a $44.00 price target on shares of Summit Therapeutics in a report on Tuesday, July 1st. Wall Street Zen raised shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Sunday, June 29th. Jefferies Financial Group set a $44.00 target price on shares of Summit Therapeutics and gave the company a "buy" rating in a research note on Friday, April 25th. Finally, Citigroup upgraded Summit Therapeutics from a "neutral" rating to a "buy" rating and upped their price objective for the company from $23.00 to $35.00 in a report on Wednesday, March 26th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Summit Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $34.67.

Summit Therapeutics Stock Down 7.9%

The business has a fifty day moving average price of $22.75 and a 200 day moving average price of $21.26.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) EPS for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. On average, sell-side analysts anticipate that Summit Therapeutics PLC will post -0.3 EPS for the current year.

Institutional Trading of Summit Therapeutics

A number of large investors have recently added to or reduced their stakes in SMMT. Golden State Wealth Management LLC boosted its position in Summit Therapeutics by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after purchasing an additional 751 shares during the period. National Bank of Canada FI bought a new stake in shares of Summit Therapeutics during the 4th quarter valued at $30,000. CWM LLC raised its stake in Summit Therapeutics by 3,455.3% in the first quarter. CWM LLC now owns 1,671 shares of the company's stock valued at $32,000 after purchasing an additional 1,624 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in shares of 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 acquiring an additional 900 shares during the period. Finally, AlphaQuest LLC acquired a new stake in shares of Summit Therapeutics in the 1st quarter valued at $49,000. Institutional investors and hedge funds 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.