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

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

Analysts Set New Price Targets

SMMT has been the topic of several analyst reports. HC Wainwright reissued a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a research report on Monday. Stifel Nicolaus boosted their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, September 25th. Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $19.00 to $23.00 in a research note on Friday, September 27th. Finally, JMP Securities assumed coverage on shares of Summit Therapeutics in a report on Monday, November 4th. They set a “market outperform” rating and a $32.00 price target on the stock.

Summit Therapeutics Price Performance

The firm has a market capitalization of $14.01 billion, a P/E ratio of -65.78 and a beta of -0.92. The firm has a 50-day moving average price of $21.15 and a two-hundred day moving average price of $13.43.

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors have recently modified their holdings of the stock. Baker BROS. Advisors LP grew its stake 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 worth $534,905,000 after purchasing an additional 1,202,643 shares in the last quarter. FMR LLC lifted its holdings in shares of Summit Therapeutics by 9.8% in the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after buying an additional 737,692 shares during the period. Vanguard Group Inc. grew its position in shares of Summit Therapeutics by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock worth $30,095,000 after buying an additional 254,261 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Summit Therapeutics by 4.6% during the third quarter. Geode Capital Management LLC now owns 3,099,808 shares of the company’s stock valued at $67,899,000 after buying an additional 135,981 shares during the period. Finally, Millennium Management LLC bought a new stake in shares of Summit Therapeutics in the second quarter valued at about $15,154,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.