Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 6.8% - Time to Sell?

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report) shares fell 6.8% on Tuesday . The stock traded as low as $19.13 and last traded at $19.11. 443,590 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 2,211,246 shares. The stock had previously closed at $20.50.

Wall Street Analyst Weigh In

SMMT has been the subject of a number of research analyst reports. Jefferies Financial Group initiated coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They set a "buy" rating and a $31.00 target price for the company. Wells Fargo & Company started coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They issued an "overweight" rating and a $30.00 price objective for the company. JMP Securities assumed coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They issued a "market outperform" rating and a $32.00 price target for the company. HC Wainwright reissued a "buy" rating and issued a $44.00 target price on shares of Summit Therapeutics in a report on Tuesday, January 21st. Finally, Truist Financial assumed coverage on Summit Therapeutics in a report on Wednesday, January 8th. They issued a "buy" rating and a $35.00 target price for the company. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Summit Therapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $33.57.

Summit Therapeutics Trading Down 2.1 %

The stock has a fifty day moving average of $19.55 and a two-hundred day moving average of $18.67. The stock has a market capitalization of $15.76 billion, a price-to-earnings ratio of -76.32 and a beta of -0.88.

Institutional Trading of Summit Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Baker BROS. Advisors LP lifted its position in Summit Therapeutics by 5.2% during the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company's stock worth $534,905,000 after buying an additional 1,202,643 shares in the last quarter. Cerity Partners LLC acquired a new position in shares of Summit Therapeutics during the third quarter worth approximately $2,178,000. FMR LLC grew 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 valued at $181,838,000 after purchasing an additional 737,692 shares during the last quarter. Griffin Asset Management Inc. increased its holdings in shares of Summit Therapeutics by 63.3% in the fourth quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company's stock valued at $1,975,000 after purchasing an additional 42,900 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in Summit Therapeutics by 69.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 139,352 shares of the company's stock worth $3,052,000 after buying an additional 56,879 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

About Summit Therapeutics

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.