Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 5.4% - Time to Sell?

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) shares traded down 5.4% during mid-day trading on Tuesday . The company traded as low as $24.52 and last traded at $24.71. 1,050,621 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 3,533,891 shares. The stock had previously closed at $26.13.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. The Goldman Sachs Group began coverage on Summit Therapeutics in a research report on Friday, February 28th. They issued a "buy" rating and a $42.00 target price for the company. Cantor Fitzgerald assumed coverage on shares of Summit Therapeutics in a report on Friday, March 21st. They set an "overweight" rating on the stock. StockNews.com raised shares of Summit Therapeutics from a "sell" rating to a "hold" rating in a research note on Wednesday, March 5th. Evercore ISI initiated coverage on Summit Therapeutics in a research note on Wednesday, March 12th. They set an "outperform" rating and a $30.00 price objective on the stock. Finally, Truist Financial began coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They issued a "buy" rating and a $35.00 target price for the company. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $35.40.

Summit Therapeutics Stock Performance

The company's 50-day moving average price is $20.13 and its 200 day moving average price is $19.78. The stock has a market capitalization of $18.15 billion, a PE ratio of -87.89 and a beta of -0.46.

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

Institutional Trading of Summit Therapeutics

A number of hedge funds have recently modified their holdings of SMMT. Brooklyn Investment Group purchased a new position in Summit Therapeutics during the 4th quarter valued at about $29,000. National Bank of Canada FI bought a new stake in Summit Therapeutics in the fourth quarter worth $30,000. Steward Partners Investment Advisory LLC grew its stake in shares of Summit Therapeutics by 56.1% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock worth $45,000 after acquiring an additional 900 shares during the last quarter. Fifth Third Bancorp increased its holdings in shares of Summit Therapeutics by 1,400.0% during the first quarter. Fifth Third Bancorp now owns 3,000 shares of the company's stock valued at $58,000 after acquiring an additional 2,800 shares in the last quarter. Finally, Rakuten Securities Inc. purchased a new position in Summit Therapeutics in the fourth quarter worth about $71,000. 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.