Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 15.6% – Time to Sell?

Summit Therapeutics Inc. (NASDAQ:SMMT) traded down 15.6% during trading on Monday . The stock traded as low as $19.01 and last traded at $18.68. 2,052,482 shares traded hands during trading, a decline of 10% from the average session volume of 2,291,514 shares. The stock had previously closed at $22.12.

Wall Street Analyst Weigh In

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

Summit Therapeutics Trading Down 12.9 %

The stock has a market capitalization of $14.21 billion, a price-to-earnings ratio of -68.77 and a beta of -0.88. The firm’s fifty day moving average price is $19.91 and its 200 day moving average price is $19.09.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.08). On average, analysts forecast that Summit Therapeutics Inc. will post -0.3 earnings per share for the current fiscal year.

Institutional Trading of Summit Therapeutics

Several hedge funds have recently modified their holdings of the stock. Darwin Wealth Management LLC purchased a new position in shares of Summit Therapeutics in the 3rd quarter valued at about $25,000. Covestor Ltd grew 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 acquiring an additional 1,190 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of Summit Therapeutics in the 4th quarter valued at approximately $29,000. National Bank of Canada FI acquired a new stake in shares of Summit Therapeutics in the 4th quarter valued at $30,000. Finally, Steward Partners Investment Advisory LLC lifted its position in shares of Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock worth $45,000 after purchasing an additional 900 shares during the last quarter. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.