Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s stock price dropped 15.6% on Monday . The company traded as low as $19.01 and last traded at $18.68. Approximately 2,052,482 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 2,291,514 shares. The stock had previously closed at $22.12.
Wall Street Analyst Weigh In
A number of research analysts have commented on the stock. Wells Fargo & Company began coverage on shares of Summit Therapeutics in a research report on Wednesday, December 11th. They set an "overweight" rating and a $30.00 price target on the stock. Truist Financial assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They issued a "buy" rating and a $35.00 price objective for the company. JMP Securities started coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They issued a "market outperform" rating and a $32.00 target price on the stock. StockNews.com downgraded shares of Summit Therapeutics from a "hold" rating to a "sell" rating in a research note on Tuesday. Finally, HC Wainwright reaffirmed a "buy" rating and set a $44.00 price objective on shares of Summit Therapeutics in a research note on Tuesday. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $33.57.
Check Out Our Latest Stock Analysis on SMMT
Summit Therapeutics Stock Up 3.6 %
The stock has a market cap of $13.98 billion, a PE ratio of -67.50 and a beta of -0.88. The business's 50-day simple moving average is $19.93 and its 200-day simple moving average is $19.19.
Summit Therapeutics (NASDAQ:SMMT - Get Free Report) last announced its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.08). The business had revenue of $0.20 million for the quarter. As a group, equities research analysts anticipate that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Summit Therapeutics
A number of hedge funds and other institutional investors have recently made changes to their positions in SMMT. Baker BROS. Advisors LP increased 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 valued at $534,905,000 after purchasing an additional 1,202,643 shares during the period. Cerity Partners LLC purchased a new position in shares of Summit Therapeutics during the third quarter valued at about $2,178,000. FMR LLC raised its stake in Summit Therapeutics by 9.8% in the third quarter. FMR LLC now owns 8,303,119 shares of the company's stock worth $181,838,000 after buying an additional 737,692 shares in the last quarter. Griffin Asset Management Inc. lifted its holdings in Summit Therapeutics by 63.3% in the fourth quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company's stock worth $1,975,000 after buying an additional 42,900 shares during the period. Finally, SeaCrest Wealth Management LLC bought a new stake in Summit Therapeutics during the 4th quarter valued at approximately $444,000. Institutional investors own 4.61% of the company's stock.
Summit Therapeutics Company Profile
(
Get Free Report)
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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