Summit Therapeutics (NASDAQ:SMMT) Shares Down 5.7% – Here’s What Happened

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price traded down 5.7% during trading on Friday . The company traded as low as $17.70 and last traded at $17.91. 2,422,509 shares were traded during trading, a decline of 2% from the average session volume of 2,476,794 shares. The stock had previously closed at $18.99.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SMMT shares. Jefferies Financial Group assumed coverage on Summit Therapeutics in a research report on Friday, December 6th. They set a “buy” rating and a $31.00 target price for the company. StockNews.com upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Wednesday. The Goldman Sachs Group started coverage on shares of Summit Therapeutics in a research report on Friday, February 28th. They set a “buy” rating and a $42.00 price target on the stock. Wells Fargo & Company started coverage on Summit Therapeutics in a report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 target price on the stock. Finally, HC Wainwright restated a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a report on Tuesday, February 25th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.63.

Summit Therapeutics Stock Down 6.1 %

The stock has a market capitalization of $13.15 billion, a price-to-earnings ratio of -63.66 and a beta of -0.88. The business’s 50 day simple moving average is $20.00 and its 200-day simple moving average is $19.47.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.08). The firm had revenue of $0.20 million for the quarter. On average, analysts expect that Summit Therapeutics Inc. will post -0.3 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of SMMT. Darwin Wealth Management LLC bought a new stake in shares of Summit Therapeutics during the 3rd quarter worth $25,000. Covestor Ltd raised 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 in the last quarter. Brooklyn Investment Group bought a new position in shares of Summit Therapeutics in the fourth quarter worth about $29,000. National Bank of Canada FI bought a new position in shares of Summit Therapeutics in the fourth quarter worth about $30,000. Finally, Steward Partners Investment Advisory LLC boosted 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 purchasing an additional 900 shares in the last quarter. Institutional investors 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.