Summit Therapeutics (NASDAQ:SMMT) Shares Down 10.4% - Here's What Happened

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) shares fell 10.4% on Wednesday . The company traded as low as $19.51 and last traded at $19.55. 202,951 shares traded hands during trading, a decline of 94% from the average session volume of 3,657,597 shares. The stock had previously closed at $21.83.

Analyst Ratings Changes

A number of equities analysts have commented on SMMT shares. HC Wainwright reaffirmed a "buy" rating and set a $45.00 target price on shares of Summit Therapeutics in a research note on Friday, October 4th. Stifel Nicolaus lifted their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a "buy" rating in a report on Wednesday, September 25th. Finally, Citigroup cut shares of Summit Therapeutics from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $19.00 to $23.00 in a report on Friday, September 27th.

Summit Therapeutics Trading Down 10.9 %

The company has a market capitalization of $14.10 billion, a price-to-earnings ratio of -85.00 and a beta of -0.97. The company's 50 day simple moving average is $19.63 and its 200-day simple moving average is $11.66.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. Sell-side analysts anticipate that Summit Therapeutics Inc. will post -0.27 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Several institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. lifted its holdings in Summit Therapeutics by 142.2% in the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company's stock worth $25,000 after purchasing an additional 3,579 shares during the period. Willis Investment Counsel acquired a new stake in Summit Therapeutics in the 3rd quarter valued at about $219,000. Fullcircle Wealth LLC purchased a new stake in Summit Therapeutics during the second quarter valued at about $95,000. World Equity Group Inc. lifted its stake in Summit Therapeutics by 16.1% during the third quarter. World Equity Group Inc. now owns 14,842 shares of the company's stock valued at $325,000 after buying an additional 2,063 shares in the last quarter. Finally, XTX Topco Ltd purchased a new stake in Summit Therapeutics during the second quarter valued at about $121,000. 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.

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