Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 5% - What's Next?

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s stock price was down 5% on Thursday . The company traded as low as $21.93 and last traded at $22.28. Approximately 1,279,842 shares changed hands during trading, a decline of 66% from the average daily volume of 3,729,485 shares. The stock had previously closed at $23.46.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SMMT. Citigroup downgraded shares of Summit Therapeutics from a "buy" rating to a "neutral" rating and raised their price target for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. Stifel Nicolaus raised their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday, September 25th. Finally, HC Wainwright restated a "buy" rating and issued a $45.00 target price on shares of Summit Therapeutics in a research note on Friday, October 4th.

Summit Therapeutics Price Performance

The firm's fifty day moving average price is $18.14 and its 200-day moving average price is $10.60. The company has a market cap of $15.63 billion, a price-to-earnings ratio of -93.78 and a beta of -0.97.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.06) by $0.01. As a group, equities analysts forecast 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 and other institutional investors have recently made changes to their positions in the business. Griffin Asset Management Inc. bought a new stake in Summit Therapeutics during the 3rd quarter valued at $1,484,000. Creative Planning lifted its holdings in Summit Therapeutics by 45.0% in the third quarter. Creative Planning now owns 15,633 shares of the company's stock worth $342,000 after purchasing an additional 4,851 shares during the period. Willis Investment Counsel acquired a new position in Summit Therapeutics during the 3rd quarter valued at about $219,000. Handelsbanken Fonder AB increased its stake in Summit Therapeutics by 37.7% during the 3rd quarter. Handelsbanken Fonder AB now owns 88,000 shares of the company's stock valued at $1,927,000 after buying an additional 24,100 shares during the period. Finally, SG Americas Securities LLC bought a new stake in shares of Summit Therapeutics during the 3rd quarter worth about $717,000. 4.61% of the stock is currently 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.