Summit Therapeutics (NASDAQ:SMMT) Trading Down 6.3% - What's Next?

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) shares dropped 6.3% on Tuesday . The stock traded as low as $16.85 and last traded at $17.03. Approximately 1,376,678 shares changed hands during trading, a decline of 37% from the average daily volume of 2,173,251 shares. The stock had previously closed at $18.17.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Jefferies Financial Group started coverage on Summit Therapeutics in a research report on Friday, December 6th. They set a "buy" rating and a $31.00 target price on the stock. 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 for the company. Citigroup downgraded shares of Summit Therapeutics from a "buy" rating to a "neutral" rating and lifted their target price for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. HC Wainwright restated a "buy" rating and issued a $44.00 price target on shares of Summit Therapeutics in a research report on Monday, November 18th. Finally, Stifel Nicolaus raised their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a "buy" rating in a research note on Wednesday, September 25th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $33.57.

Summit Therapeutics Stock Performance

The company has a market cap of $12.28 billion, a price-to-earnings ratio of -59.46 and a beta of -0.87. The company's 50 day moving average price is $18.69 and its 200 day moving average price is $16.72.

Institutional Investors Weigh In On Summit Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in SMMT. Millennium Management LLC acquired a new stake in Summit Therapeutics in the 2nd quarter valued at approximately $15,154,000. Baker BROS. Advisors LP boosted its position in shares of Summit Therapeutics by 5.2% in the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company's stock valued at $534,905,000 after acquiring an additional 1,202,643 shares during the period. abrdn plc acquired a new stake in shares of Summit Therapeutics in the third quarter worth $24,885,000. FMR LLC increased its position in 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 acquiring an additional 737,692 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Summit Therapeutics by 53.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company's stock worth $31,376,000 after acquiring an additional 497,984 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.