Summit Therapeutics (NASDAQ:SMMT) Shares Down 4.3% - What's Next?

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) shares traded down 4.3% on Thursday . The company traded as low as $22.77 and last traded at $21.64. 1,411,903 shares were traded during mid-day trading, a decline of 62% from the average session volume of 3,670,214 shares. The stock had previously closed at $22.62.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Citigroup raised shares of Summit Therapeutics from a "neutral" rating to a "buy" rating and boosted their price target for the company from $23.00 to $35.00 in a research report on Wednesday, March 26th. Evercore ISI assumed coverage on shares of Summit Therapeutics in a report on Wednesday, March 12th. They issued an "outperform" rating and a $30.00 target price for the company. The Goldman Sachs Group upped their target price on shares of Summit Therapeutics from $37.00 to $41.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Summit Redstone set a $35.00 target price on shares of Summit Therapeutics in a report on Wednesday, March 26th. Finally, TD Cowen raised shares of Summit Therapeutics to a "strong-buy" rating in a report on Thursday, May 8th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $34.67.

Summit Therapeutics Stock Performance

The company has a 50-day simple moving average of $22.73 and a 200-day simple moving average of $21.18. The company has a market cap of $18.08 billion, a price-to-earnings ratio of -71.60 and a beta of -1.01.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cerity Partners LLC grew its position in Summit Therapeutics by 0.4% during the first quarter. Cerity Partners LLC now owns 113,654 shares of the company's stock worth $2,192,000 after buying an additional 440 shares during the period. Exchange Traded Concepts LLC grew its position in shares of Summit Therapeutics by 11.4% in the first quarter. Exchange Traded Concepts LLC now owns 6,328 shares of the company's stock valued at $122,000 after purchasing an additional 647 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Summit Therapeutics by 1.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company's stock valued at $1,273,000 after purchasing an additional 694 shares during the last quarter. Golden State Wealth Management LLC grew its position in shares of Summit Therapeutics by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock valued at $29,000 after purchasing an additional 751 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC grew its position in shares of Summit Therapeutics by 56.1% in 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. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.