Summit Therapeutics (NASDAQ:SMMT) Shares Gap Down - Should You Sell?

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $36.70, but opened at $34.48. Summit Therapeutics shares last traded at $34.42, with a volume of 1,841,751 shares.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Truist Financial began coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They set a "buy" rating and a $35.00 price target for the company. Summit Redstone set a $35.00 target price on shares of Summit Therapeutics in a research report on Wednesday, March 26th. The Goldman Sachs Group started coverage on shares of Summit Therapeutics in a research report on Friday, February 28th. They set a "buy" rating and a $42.00 price target on the stock. Cantor Fitzgerald reissued an "overweight" rating on shares of Summit Therapeutics in a research report on Wednesday. Finally, StockNews.com upgraded Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $35.40.

Summit Therapeutics Trading Down 9.2 %

The stock has a market cap of $24.59 billion, a P/E ratio of -119.72 and a beta of -0.46. The stock's 50-day moving average is $20.90 and its 200-day moving average is $20.10.

Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last issued its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.08). The firm had revenue of $0.20 million for the quarter. On average, equities analysts forecast that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

Institutional Trading of Summit Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Brooklyn Investment Group acquired a new position in Summit Therapeutics in the fourth quarter worth approximately $29,000. Golden State Wealth Management LLC grew its holdings in shares of Summit Therapeutics by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,502 shares of the company's stock worth $29,000 after acquiring an additional 751 shares during the last quarter. National Bank of Canada FI acquired a new stake in shares of Summit Therapeutics during the fourth quarter worth $30,000. Steward Partners Investment Advisory LLC boosted its position in shares of Summit Therapeutics by 56.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock valued at $45,000 after purchasing an additional 900 shares during the period. Finally, Fifth Third Bancorp increased its stake in Summit Therapeutics by 1,400.0% in the 1st quarter. Fifth Third Bancorp now owns 3,000 shares of the company's stock worth $58,000 after purchasing an additional 2,800 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors.

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.

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