Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 6.2% - Should You Sell?

Key Points

• Summit Therapeutics' stock price declined by 6.2% to $17.67, with a significant trading volume of 3,234,197 shares, down 12% from its average session volume.
• Analysts have issued a mixed outlook on the company, with one "Strong Buy" rating, twelve "Buy" ratings, and three "Sell" ratings, resulting in a consensus target price of $33.79.
• The company reported a loss of ($0.76) EPS for its last quarter, missing the consensus estimate of ($0.10) by a wide margin.

Summit Therapeutics PLC (NASDAQ:SMMT - Get Free Report) fell 6.2% during trading on Wednesday . The company traded as low as $16.31 and last traded at $17.67. 3,234,197 shares changed hands during trading, a decline of 12% from the average session volume of 3,684,794 shares. The stock had previously closed at $18.83.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on SMMT shares. Leerink Partners started coverage on shares of Summit Therapeutics in a report on Wednesday, June 11th. They issued an "underperform" rating and a $12.00 price target on the stock. Wall Street Zen downgraded Summit Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, August 16th. Summit Redstone set a $21.00 target price on Summit Therapeutics in a research note on Tuesday, August 19th. Cantor Fitzgerald restated an "overweight" rating on shares of Summit Therapeutics in a research note on Monday. Finally, Piper Sandler initiated coverage on shares of Summit Therapeutics in a report on Monday, August 18th. They issued a "neutral" rating and a $21.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, Summit Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $33.79.

Summit Therapeutics Stock Down 6.3%

The business's 50 day simple moving average is $25.77 and its 200 day simple moving average is $23.16. The company has a market capitalization of $13.10 billion, a PE ratio of -17.50 and a beta of -1.02.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.76) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.66). On average, analysts anticipate that Summit Therapeutics PLC will post -0.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Q3 Asset Management lifted its holdings in shares of Summit Therapeutics by 18.8% during the second quarter. Q3 Asset Management now owns 19,567 shares of the company's stock valued at $416,000 after acquiring an additional 3,094 shares during the period. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Summit Therapeutics by 0.8% during the second quarter. China Universal Asset Management Co. Ltd. now owns 149,162 shares of the company's stock valued at $3,174,000 after acquiring an additional 1,196 shares during the period. Orion Porfolio Solutions LLC lifted its holdings in shares of Summit Therapeutics by 130.6% during the second quarter. Orion Porfolio Solutions LLC now owns 52,964 shares of the company's stock valued at $1,127,000 after acquiring an additional 29,994 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Summit Therapeutics by 73.0% in the second quarter. Tower Research Capital LLC TRC now owns 16,044 shares of the company's stock valued at $341,000 after buying an additional 6,769 shares in the last quarter. Finally, Florida Financial Advisors LLC grew its position in shares of Summit Therapeutics by 23.0% during the 2nd quarter. Florida Financial Advisors LLC now owns 15,921 shares of the company's stock worth $339,000 after buying an additional 2,976 shares during the period. 4.61% of the stock is owned by 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.

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