Summit Therapeutics (NASDAQ:SMMT) Shares Down 6.8% - Here's What Happened

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s stock price fell 6.8% during mid-day trading on Tuesday . The company traded as low as $19.13 and last traded at $19.11. 443,590 shares changed 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 Analysts Forecast Growth

A number of brokerages have recently issued reports on SMMT. Wells Fargo & Company began coverage on Summit Therapeutics in a research note on Wednesday, December 11th. They issued an "overweight" rating and a $30.00 price target on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $44.00 price target on shares of Summit Therapeutics in a research note on Tuesday, January 21st. Truist Financial began coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They issued a "buy" rating and a $35.00 price target on the stock. JMP Securities began coverage on Summit Therapeutics in a research note on Monday, November 4th. They issued a "market outperform" rating and a $32.00 price target on the stock. Finally, Jefferies Financial Group began coverage on Summit Therapeutics in a research note on Friday, December 6th. They issued a "buy" rating and a $31.00 price target on the stock. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $33.57.

Summit Therapeutics Price Performance

The stock has a 50 day simple moving average of $19.49 and a two-hundred day simple moving average of $18.48. The company has a market cap of $15.76 billion, a price-to-earnings ratio of -76.32 and a beta of -0.88.

Hedge Funds Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Baker BROS. Advisors LP raised its position in 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 purchasing an additional 1,202,643 shares during the period. Cerity Partners LLC purchased a new stake in Summit Therapeutics in the third quarter valued at $2,178,000. FMR LLC raised its position in Summit Therapeutics by 9.8% in 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 period. Griffin Asset Management Inc. raised its position in 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 during the period. Finally, China Universal Asset Management Co. Ltd. raised its position in Summit Therapeutics by 69.0% in the third quarter. China Universal Asset Management Co. Ltd. now owns 139,352 shares of the company's stock valued at $3,052,000 after purchasing an additional 56,879 shares during the period. Institutional investors and hedge funds 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.