Summit Therapeutics (NASDAQ:SMMT) Shares Down 6.2% - Should You Sell?

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s share price traded down 6.2% on Friday . The stock traded as low as $17.98 and last traded at $18.09. 882,894 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 3,409,062 shares. The stock had previously closed at $19.28.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SMMT shares. JMP Securities assumed coverage on Summit Therapeutics in a research note on Monday, November 4th. They set a "market outperform" rating and a $32.00 price target on the stock. Citigroup downgraded Summit Therapeutics from a "buy" rating to a "neutral" rating and increased their price target for the stock from $19.00 to $23.00 in a report on Friday, September 27th. Stifel Nicolaus upped their target price on Summit Therapeutics from $25.00 to $40.00 and gave the company a "buy" rating in a report on Wednesday, September 25th. Jefferies Financial Group assumed coverage on shares of Summit Therapeutics in a research report on Friday, December 6th. They issued a "buy" rating and a $31.00 price objective on the stock. Finally, Wells Fargo & Company initiated coverage on shares of Summit Therapeutics in a report on Wednesday, December 11th. They set an "overweight" rating and a $30.00 target price for the company. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $33.33.

Summit Therapeutics Stock Down 5.5 %

The business's fifty day moving average price is $19.22 and its 200 day moving average price is $15.76. The firm has a market capitalization of $13.43 billion, a PE ratio of -65.03 and a beta of -0.92.

Institutional Trading of Summit Therapeutics

A number of hedge funds have recently added to or reduced their stakes in SMMT. Darwin Wealth Management LLC purchased a new stake in shares of Summit Therapeutics during the 3rd quarter valued at $25,000. Covestor Ltd increased its stake 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 acquiring an additional 1,190 shares during the last quarter. Fred Alger Management LLC purchased a new position in shares of Summit Therapeutics in the 3rd quarter worth about $105,000. XTX Topco Ltd acquired a new position in shares of Summit Therapeutics in the 2nd quarter valued at about $121,000. Finally, CIBC Asset Management Inc purchased a new stake in shares of Summit Therapeutics during the 2nd quarter worth about $154,000. 4.61% of the stock is owned by institutional investors and hedge funds.

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.