Summit Therapeutics (NASDAQ:SMMT) Trading Down 5.9% – Here’s Why

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) dropped 5.9% during mid-day trading on Wednesday . The company traded as low as $18.80 and last traded at $18.83. Approximately 819,138 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 3,553,185 shares. The stock had previously closed at $20.00.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SMMT. Stifel Nicolaus lifted their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. JMP Securities started coverage on Summit Therapeutics in a report on Monday, November 4th. They issued a “market outperform” rating and a $32.00 target price for the company. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $19.00 to $23.00 in a research report on Friday, September 27th. Finally, HC Wainwright reissued a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a report on Monday.

Summit Therapeutics Stock Performance

The company has a market capitalization of $13.73 billion, a price-to-earnings ratio of -66.03 and a beta of -0.92. The business has a 50-day simple moving average of $21.41 and a two-hundred day simple moving average of $13.36.

Institutional Trading of Summit Therapeutics

A number of hedge funds have recently made changes to their positions in the stock. Darwin Wealth Management LLC acquired a new stake in shares of Summit Therapeutics during the 3rd quarter worth approximately $25,000. Covestor Ltd lifted its position 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 bought a new position in shares of Summit Therapeutics during the third quarter worth approximately $105,000. Russell Investments Group Ltd. raised its position in Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after purchasing an additional 3,579 shares in the last quarter. Finally, Willis Investment Counsel bought a new position in Summit Therapeutics in the 3rd quarter valued at approximately $219,000. Institutional investors and hedge funds 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.