Summit Therapeutics (NASDAQ:SMMT) Shares Gap Down - Time to Sell?

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report)'s share price gapped down before the market opened 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 traded.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Wall Street Zen raised Summit Therapeutics from a "sell" rating to a "hold" rating in a research report on Sunday, June 29th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Summit Therapeutics in a report on Wednesday, April 23rd. UBS Group assumed coverage on Summit Therapeutics in a research note on Tuesday, July 1st. They issued a "buy" rating and a $30.00 price target for the company. Leerink Partnrs upgraded Summit Therapeutics to a "strong sell" rating in a research report on Wednesday, June 11th. Finally, Evercore ISI initiated coverage on Summit Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 price target for the company. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Summit Therapeutics presently has a consensus rating of "Moderate Buy" and an average price target of $34.67.

Summit Therapeutics Stock Up 4.6%

The firm's 50-day simple moving average is $22.72 and its 200 day simple moving average is $21.33. The firm has a market cap of $19.22 billion, a P/E ratio of -76.12 and a beta of -1.01.

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

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SMMT. Price T Rowe Associates Inc. MD increased its position in Summit Therapeutics by 20.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company's stock worth $116,995,000 after purchasing an additional 1,118,270 shares during the last quarter. Vanguard Group Inc. increased its position in Summit Therapeutics by 6.6% in the fourth quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock worth $208,261,000 after purchasing an additional 724,040 shares during the last quarter. Pictet Asset Management Holding SA increased its position in Summit Therapeutics by 100.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock worth $24,755,000 after purchasing an additional 695,843 shares during the last quarter. Siren L.L.C. bought a new stake in Summit Therapeutics in the first quarter worth $13,407,000. Finally, Adage Capital Partners GP L.L.C. purchased a new position in Summit Therapeutics during the first quarter worth $10,378,000. 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.