Summit Therapeutics (NASDAQ:SMMT) Trading Down 6.3% - Here's What Happened

Summit Therapeutics Inc. (NASDAQ:SMMT - Get Free Report)'s share price traded down 6.3% on Tuesday . The stock traded as low as $16.85 and last traded at $17.03. 1,376,678 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 2,173,251 shares. The stock had previously closed at $18.17.

Analysts Set New Price Targets

SMMT has been the topic of a number of research reports. Jefferies Financial Group initiated coverage on Summit Therapeutics in a research note on Friday, December 6th. They set a "buy" rating and a $31.00 price target on the stock. Stifel Nicolaus raised their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the stock a "buy" rating in a research report on Wednesday, September 25th. Citigroup downgraded shares of Summit Therapeutics from a "buy" rating to a "neutral" rating and upped their price target for the company from $19.00 to $23.00 in a research report on Friday, September 27th. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They issued an "overweight" rating and a $30.00 price objective on the stock. Finally, Truist Financial initiated coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They set a "buy" rating and a $35.00 target price for the company. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $33.57.

Summit Therapeutics Price Performance

The stock's 50-day moving average is $18.64 and its 200 day moving average is $16.73. The stock has a market cap of $13.41 billion, a price-to-earnings ratio of -64.96 and a beta of -0.87.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Baker BROS. Advisors LP increased its holdings 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 buying an additional 1,202,643 shares in the last quarter. FMR LLC boosted its position in Summit Therapeutics by 9.8% during the third quarter. FMR LLC now owns 8,303,119 shares of the company's stock worth $181,838,000 after purchasing an additional 737,692 shares in the last quarter. Geode Capital Management LLC boosted its position in Summit Therapeutics by 4.6% during the third quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company's stock worth $67,899,000 after purchasing an additional 135,981 shares in the last quarter. Millennium Management LLC acquired a new stake in Summit Therapeutics in the second quarter valued at $15,154,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Summit Therapeutics by 53.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company's stock valued at $31,376,000 after buying an additional 497,984 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.