Summit Therapeutics (NASDAQ:SMMT) Shares Gap Down to $29.48

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $29.48, but opened at $28.44. Summit Therapeutics shares last traded at $27.11, with a volume of 2,451,560 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. HC Wainwright boosted their price target on shares of Summit Therapeutics from $30.00 to $45.00 and gave the company a "buy" rating in a report on Monday. Citigroup upped their target price on shares of Summit Therapeutics from $13.00 to $19.00 and gave the company a "buy" rating in a research note on Monday, September 9th. Finally, Stifel Nicolaus raised their price target on shares of Summit Therapeutics from $14.00 to $25.00 and gave the stock a "buy" rating in a research note on Monday, September 9th.

Summit Therapeutics Trading Down 11.1 %

The firm has a market cap of $18.41 billion, a P/E ratio of -163.88 and a beta of -0.99. The company's fifty day moving average price is $12.76 and its two-hundred day moving average price is $7.90.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. On average, analysts predict that Summit Therapeutics Inc. will post -0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Summit Therapeutics

Several institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. increased its stake in shares of Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company's stock valued at $25,000 after buying an additional 3,579 shares in the last quarter. Sectoral Asset Management Inc. raised its stake in shares of Summit Therapeutics by 50.0% in the fourth quarter. Sectoral Asset Management Inc. now owns 30,000 shares of the company's stock worth $78,000 after acquiring an additional 10,000 shares during the last quarter. Virtu Financial LLC lifted its position in shares of Summit Therapeutics by 23.3% during the first quarter. Virtu Financial LLC now owns 20,372 shares of the company's stock worth $84,000 after purchasing an additional 3,846 shares in the last quarter. Fullcircle Wealth LLC bought a new stake in shares of Summit Therapeutics during the second quarter valued at approximately $95,000. Finally, EntryPoint Capital LLC bought a new position in Summit Therapeutics in the 1st quarter worth approximately $100,000. Institutional investors own 4.61% of the company's stock.

About Summit Therapeutics

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.