Summit Therapeutics (NASDAQ:SMMT) Shares Gap Down - Should You Sell?

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s stock price gapped down before the market opened on Friday . The stock had previously closed at $36.70, but opened at $34.48. Summit Therapeutics shares last traded at $34.42, with a volume of 1,841,751 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on SMMT shares. StockNews.com raised Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Wednesday, March 5th. Citigroup upgraded Summit Therapeutics from a "neutral" rating to a "buy" rating and lifted their target price for the company from $23.00 to $35.00 in a research note on Wednesday, March 26th. JMP Securities reaffirmed a "market outperform" rating and set a $40.00 price target on shares of Summit Therapeutics in a report on Monday. Jefferies Financial Group set a $44.00 price target on Summit Therapeutics and gave the company a "buy" rating in a report on Friday. Finally, HC Wainwright reiterated a "buy" rating and set a $44.00 target price on shares of Summit Therapeutics in a research report on Monday. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $37.50.

Summit Therapeutics Stock Up 2.0 %

The company has a 50 day moving average of $21.01 and a 200 day moving average of $20.20. The stock has a market capitalization of $17.78 billion, a price-to-earnings ratio of -86.07 and a beta of -0.46.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The company had revenue of $0.20 million during the quarter. On average, research analysts forecast that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SMMT. Virtu Financial LLC acquired a new position in shares of Summit Therapeutics in the third quarter worth about $925,000. Franklin Resources Inc. bought a new stake in shares of Summit Therapeutics during the 3rd quarter valued at about $2,091,000. Principal Financial Group Inc. raised its stake in Summit Therapeutics by 60.9% during the third quarter. Principal Financial Group Inc. now owns 58,147 shares of the company's stock worth $1,273,000 after acquiring an additional 22,014 shares during the period. SeaCrest Wealth Management LLC bought a new position in Summit Therapeutics during the 4th quarter worth $444,000. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Summit Therapeutics in the 4th quarter worth about $229,000. 4.61% of the stock is currently owned by hedge funds and other 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.