Summit Therapeutics (NASDAQ:SMMT) Trading Down 2.6%

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) traded down 2.6% during trading on Friday . The company traded as low as $12.49 and last traded at $12.52. 101,962 shares traded hands during trading, a decline of 96% from the average session volume of 2,866,985 shares. The stock had previously closed at $12.86.

Analyst Upgrades and Downgrades

SMMT has been the subject of several research reports. Citigroup increased their price target on shares of Summit Therapeutics from $7.00 to $13.00 and gave the company a "buy" rating in a research report on Friday, May 31st. Stifel Nicolaus raised their price target on shares of Summit Therapeutics from $8.00 to $14.00 and gave the stock a "buy" rating in a research note on Monday, June 3rd. Finally, HC Wainwright reiterated a "buy" rating and issued a $16.00 price objective on shares of Summit Therapeutics in a research note on Wednesday, August 21st.

Summit Therapeutics Price Performance

The firm has a market capitalization of $9.40 billion, a PE ratio of -81.13 and a beta of -0.97. The company's fifty day simple moving average is $10.12 and its 200 day simple moving average is $6.70.

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

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. increased its holdings in Summit Therapeutics by 142.2% during the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company's stock worth $25,000 after acquiring an additional 3,579 shares during the period. Sectoral Asset Management Inc. raised its position 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 buying an additional 10,000 shares in the last quarter. Virtu Financial LLC raised its position in shares of Summit Therapeutics by 23.3% in the first quarter. Virtu Financial LLC now owns 20,372 shares of the company's stock worth $84,000 after buying an additional 3,846 shares in the last quarter. Fullcircle Wealth LLC bought a new stake in Summit Therapeutics during the second quarter valued at $95,000. Finally, EntryPoint Capital LLC purchased a new position in Summit Therapeutics during the first quarter worth about $100,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

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.