Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 10.4% - What's Next?

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s stock price fell 10.4% on Wednesday . The stock 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.

Wall Street Analysts Forecast Growth

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

Summit Therapeutics Trading Down 14.6 %

The stock has a market cap of $13.51 billion, a PE ratio of -84.61 and a beta of -0.97. The firm's 50-day moving average price is $19.63 and its two-hundred day moving average price is $11.66.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SMMT. Russell Investments Group Ltd. boosted its position in shares of Summit Therapeutics by 142.2% in the 1st 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 in the last quarter. Virtu Financial LLC boosted its stake in Summit Therapeutics by 23.3% in the 1st 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 acquired a new stake in shares of Summit Therapeutics during the second quarter worth $95,000. EntryPoint Capital LLC acquired a new position in shares of Summit Therapeutics in the 1st quarter valued at $100,000. Finally, XTX Topco Ltd acquired a new position in shares of Summit Therapeutics in the second quarter valued at about $121,000. Hedge funds and other institutional investors own 4.61% of the company's stock.

Summit Therapeutics Company Profile

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.