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

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $26.21, but opened at $21.20. Summit Therapeutics shares last traded at $20.45, with a volume of 4,027,638 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Summit Redstone set a $35.00 target price on Summit Therapeutics in a research report on Wednesday, March 26th. JMP Securities restated a "market outperform" rating and issued a $40.00 target price on shares of Summit Therapeutics in a report on Monday, April 28th. Citigroup upgraded Summit Therapeutics from a "neutral" rating to a "buy" rating and lifted their price target for the company from $23.00 to $35.00 in a research note on Wednesday, March 26th. HC Wainwright restated a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Monday, April 28th. Finally, Evercore ISI assumed coverage on Summit Therapeutics in a report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 price target for the company. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Summit Therapeutics has an average rating of "Buy" and an average target price of $37.40.

Summit Therapeutics Stock Performance

The stock's 50 day moving average is $23.44 and its 200 day moving average is $20.84. The company has a market capitalization of $13.86 billion, a PE ratio of -66.64 and a beta of -0.94.

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 (EPS) for the quarter, topping analysts' consensus estimates of ($0.10) by $0.01. On average, equities research analysts forecast that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Institutional Trading of Summit Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. Golden State Wealth Management LLC raised its holdings in shares of Summit Therapeutics by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock valued at $29,000 after acquiring an additional 751 shares in the last quarter. National Bank of Canada FI bought a new position in shares of Summit Therapeutics in the fourth quarter worth approximately $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 position in Summit Therapeutics by 56.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock valued at $45,000 after purchasing an additional 900 shares during the last quarter. Finally, AlphaQuest LLC bought a new stake in Summit Therapeutics during the first quarter valued at approximately $49,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Company Profile

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.