Summit Therapeutics (NASDAQ:SMMT) Trading Down 5.7% - What's Next?

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) fell 5.7% during mid-day trading on Friday . The company traded as low as $17.70 and last traded at $17.91. 2,422,509 shares traded hands during trading, a decline of 2% from the average session volume of 2,476,794 shares. The stock had previously closed at $18.99.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. StockNews.com upgraded Summit Therapeutics from a "sell" rating to a "hold" rating in a report on Wednesday, March 5th. Truist Financial started coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They set a "buy" rating and a $35.00 price objective on the stock. Jefferies Financial Group started coverage on Summit Therapeutics in a research note on Friday, December 6th. They set a "buy" rating and a $31.00 price objective for the company. HC Wainwright reiterated a "buy" rating and issued a $44.00 price target on shares of Summit Therapeutics in a research note on Tuesday, February 25th. Finally, Wells Fargo & Company began coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They set an "overweight" rating and a $30.00 target price for the company. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Summit Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus price target of $34.63.

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Summit Therapeutics Stock Performance

The company has a market capitalization of $13.56 billion, a P/E ratio of -65.37 and a beta of -1.04. The stock has a fifty day moving average of $20.00 and a 200 day moving average of $19.63.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings data on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.08). The company had revenue of $0.20 million for the quarter. Research analysts anticipate that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Summit Therapeutics

Large investors have recently made changes to their positions in the stock. Baker BROS. Advisors LP grew its position in shares of Summit Therapeutics by 5.2% during the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company's stock worth $534,905,000 after acquiring an additional 1,202,643 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Summit Therapeutics by 20.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,557,927 shares of the company's stock worth $116,995,000 after acquiring an additional 1,118,270 shares during the last quarter. FMR LLC lifted its stake in shares of Summit Therapeutics by 9.8% during the third quarter. FMR LLC now owns 8,303,119 shares of the company's stock worth $181,838,000 after purchasing an additional 737,692 shares in the last quarter. Vanguard Group Inc. grew its stake in Summit Therapeutics by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 11,670,576 shares of the company's stock valued at $208,261,000 after purchasing an additional 724,040 shares in the last quarter. Finally, Pictet Asset Management Holding SA boosted its holdings in Summit Therapeutics by 100.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,387,247 shares of the company's stock worth $24,755,000 after purchasing an additional 695,843 shares during the period. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.