Summit Therapeutics (NASDAQ:SMMT) Trading Down 2.7%

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) were down 2.7% during trading on Friday . The company traded as low as $13.00 and last traded at $13.16. Approximately 998,847 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 2,911,685 shares. The stock had previously closed at $13.52.

Analyst Ratings Changes

SMMT has been the topic of several recent research reports. HC Wainwright reiterated a "buy" rating and issued a $16.00 price target on shares of Summit Therapeutics in a research note on Wednesday. Stifel Nicolaus raised their price target on Summit Therapeutics from $8.00 to $14.00 and gave the company a "buy" rating in a research note on Monday, June 3rd. Finally, Citigroup upped their target price on shares of Summit Therapeutics from $7.00 to $13.00 and gave the company a "buy" rating in a report on Friday, May 31st.

Summit Therapeutics Trading Down 3.3 %

The business's 50 day moving average price is $9.59 and its 200-day moving average price is $6.39. The company has a market cap of $9.48 billion, a price-to-earnings ratio of -81.75 and a beta of -0.97.

Hedge Funds Weigh In On Summit Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in SMMT. Mirae Asset Global Investments Co. Ltd. increased its holdings in Summit Therapeutics by 131.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,476 shares of the company's stock worth $168,000 after purchasing an additional 22,977 shares in the last quarter. Vanguard Group Inc. grew its holdings in Summit Therapeutics by 3.6% in the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company's stock worth $30,095,000 after purchasing an additional 254,261 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Summit Therapeutics by 18.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company's stock valued at $138,000 after purchasing an additional 5,139 shares in the last quarter. Virtu Financial LLC raised its holdings 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 valued at $84,000 after purchasing an additional 3,846 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Summit Therapeutics by 55.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,727 shares of the company's stock worth $104,000 after purchasing an additional 14,098 shares in the last quarter. 4.61% of the stock is owned by institutional investors and hedge funds.

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.