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

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Citigroup raised Summit Therapeutics from a "neutral" rating to a "buy" rating and raised their price target for the stock 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 research note on Monday. HC Wainwright reaffirmed a "buy" rating and set a $44.00 price target on shares of Summit Therapeutics in a research note on Monday, April 28th. The Goldman Sachs Group raised their price target on Summit Therapeutics from $37.00 to $41.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Finally, Wall Street Zen raised Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. One research 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 data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $37.40.

Summit Therapeutics Stock Performance

The stock has a 50 day moving average of $23.38 and a two-hundred day moving average of $20.84. The firm has a market capitalization of $14.65 billion, a P/E ratio of -70.46 and a beta of -0.94.

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

Institutional Trading of Summit Therapeutics

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