Summit Therapeutics (NASDAQ:SMMT) Shares Down 3.6% - Here's What Happened

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) fell 3.6% on Wednesday . The company traded as low as $19.42 and last traded at $19.87. 1,170,274 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 3,627,880 shares. The stock had previously closed at $20.62.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SMMT. The Goldman Sachs Group boosted their price objective on Summit Therapeutics from $37.00 to $41.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. Evercore ISI began coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 price objective for the company. JMP Securities reiterated a "market outperform" rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research note on Monday, June 2nd. Citigroup upgraded Summit Therapeutics from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $23.00 to $35.00 in a research note on Wednesday, March 26th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Summit Therapeutics in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Summit Therapeutics has an average rating of "Buy" and a consensus price target of $37.40.

Summit Therapeutics Price Performance

The company has a 50 day moving average price of $23.43 and a 200 day moving average price of $20.85. The firm has a market cap of $15.29 billion, a PE ratio of -73.53 and a beta of -1.06.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.01. On average, equities analysts anticipate that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Wells Fargo & Company MN raised its position in Summit Therapeutics by 79.2% in the fourth quarter. Wells Fargo & Company MN now owns 95,265 shares of the company's stock worth $1,700,000 after acquiring an additional 42,090 shares in the last quarter. Principal Financial Group Inc. raised its position in Summit Therapeutics by 252.8% in the fourth quarter. Principal Financial Group Inc. now owns 205,150 shares of the company's stock worth $3,661,000 after acquiring an additional 147,003 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Summit Therapeutics by 358.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 205,337 shares of the company's stock worth $3,664,000 after acquiring an additional 160,592 shares in the last quarter. abrdn plc raised its position in Summit Therapeutics by 13.6% in the fourth quarter. abrdn plc now owns 1,290,425 shares of the company's stock worth $23,028,000 after acquiring an additional 154,139 shares in the last quarter. Finally, Bank of America Corp DE raised its position in Summit Therapeutics by 10.5% in the fourth quarter. Bank of America Corp DE now owns 431,568 shares of the company's stock worth $7,701,000 after acquiring an additional 40,908 shares in the last quarter. Hedge funds and other institutional investors own 4.61% of the company's stock.

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.