Summit Therapeutics (NASDAQ:SMMT) Trading Down 5.4% - Here's Why

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

Wall Street Analyst Weigh In

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

Summit Therapeutics Trading Down 2.7 %

The firm has a market capitalization of $14.83 billion, a price-to-earnings ratio of -71.82 and a beta of -0.88. The stock has a fifty day moving average price of $19.30 and a 200-day moving average price of $18.27.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Darwin Wealth Management LLC acquired a new position in shares of Summit Therapeutics during the third quarter worth approximately $25,000. Covestor Ltd lifted its holdings in Summit Therapeutics by 2,767.4% during the 3rd quarter. Covestor Ltd now owns 1,233 shares of the company's stock worth $27,000 after buying an additional 1,190 shares in the last quarter. Brooklyn Investment Group bought a new position in Summit Therapeutics in the 4th quarter valued at $29,000. Steward Partners Investment Advisory LLC increased its stake 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 period. Finally, Fred Alger Management LLC bought a new stake in shares of Summit Therapeutics during the third quarter worth $105,000. 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.