Summit Therapeutics (NASDAQ:SMMT) Shares Down 5.4% - Here's What Happened

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) traded down 5.4% on Tuesday . The stock traded as low as $24.52 and last traded at $24.71. 1,050,621 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 3,533,891 shares. The stock had previously closed at $26.13.

Analyst Ratings Changes

Several equities analysts have recently commented on SMMT shares. Summit Redstone set a $35.00 price target on Summit Therapeutics in a research note on Wednesday, March 26th. The Goldman Sachs Group began coverage on shares of Summit Therapeutics in a report on Friday, February 28th. They issued a "buy" rating and a $42.00 price target for the company. Cantor Fitzgerald assumed coverage on shares of Summit Therapeutics in a research note on Friday, March 21st. They set an "overweight" rating on the stock. HC Wainwright reissued a "buy" rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, February 25th. Finally, Evercore ISI began coverage on Summit Therapeutics in a research report on Wednesday, March 12th. They set an "outperform" rating and a $30.00 target price on the stock. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $35.40.

Summit Therapeutics Trading Up 6.8 %

The stock has a 50-day moving average price of $20.13 and a two-hundred day moving average price of $19.78. The stock has a market cap of $18.15 billion, a price-to-earnings ratio of -87.89 and a beta of -0.46.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.08). The business had revenue of $0.20 million for the quarter. Research analysts predict that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Brooklyn Investment Group acquired a new position in shares of Summit Therapeutics in the 4th quarter valued at $29,000. National Bank of Canada FI acquired a new position in shares of Summit Therapeutics in the fourth quarter valued at about $30,000. Steward Partners Investment Advisory LLC raised its stake 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 worth $45,000 after purchasing an additional 900 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of Summit Therapeutics by 1,400.0% during the first quarter. Fifth Third Bancorp now owns 3,000 shares of the company's stock worth $58,000 after purchasing an additional 2,800 shares during the period. Finally, Rakuten Securities Inc. purchased a new stake in Summit Therapeutics in the fourth quarter valued at approximately $71,000. 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.