Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 5.4% - Should You Sell?

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s stock price fell 5.4% during trading on Monday . The stock traded as low as $20.00 and last traded at $20.34. 583,844 shares traded hands during trading, a decline of 76% from the average session volume of 2,401,488 shares. The stock had previously closed at $21.50.

Analysts Set New Price Targets

Several research firms have weighed in on SMMT. Jefferies Financial Group started coverage on Summit Therapeutics in a report on Friday, December 6th. They set a "buy" rating and a $31.00 target price on the stock. Wells Fargo & Company began coverage on Summit Therapeutics in a report on Wednesday, December 11th. They set an "overweight" rating and a $30.00 price objective on the stock. HC Wainwright restated a "buy" rating and set a $44.00 price objective on shares of Summit Therapeutics in a report on Tuesday, January 21st. Truist Financial initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They issued a "buy" rating and a $35.00 price objective on the stock. Finally, JMP Securities started 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. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $33.57.

Summit Therapeutics Price Performance

The business's 50-day moving average is $19.23 and its two-hundred day moving average is $18.13. The firm has a market cap of $15.24 billion, a P/E ratio of -73.82 and a beta of -0.88.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds have recently modified their holdings of SMMT. CIBC Asset Management Inc boosted its position in Summit Therapeutics by 3.8% during the third quarter. CIBC Asset Management Inc now owns 20,445 shares of the company's stock valued at $448,000 after purchasing an additional 740 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in shares of Summit Therapeutics by 56.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company's stock valued at $45,000 after buying an additional 900 shares during the last quarter. Darwin Wealth Management LLC acquired a new stake in shares of Summit Therapeutics in the 3rd quarter valued at approximately $25,000. Covestor Ltd increased its holdings in Summit Therapeutics by 2,767.4% during the third quarter. Covestor Ltd now owns 1,233 shares of the company's stock worth $27,000 after buying an additional 1,190 shares during the last quarter. Finally, Brooklyn Investment Group bought a new stake in Summit Therapeutics during the fourth quarter worth $29,000. Institutional investors own 4.61% of the company's stock.

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.