Summit Therapeutics (NASDAQ:SMMT) Trading Down 15.6% – Should You Sell?

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

Analysts Set New Price Targets

Several research analysts have commented on the stock. HC Wainwright restated a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a report on Tuesday, January 21st. 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 target price on the stock. Wells Fargo & Company initiated coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price objective on the stock. Jefferies Financial Group began coverage on Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 price target on the stock. Finally, Truist Financial initiated coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price target on the stock. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Summit Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $33.57.

Summit Therapeutics Price Performance

The firm has a 50-day moving average of $19.91 and a 200-day moving average of $19.09. The stock has a market cap of $14.21 billion, a PE ratio of -68.77 and a beta of -0.88.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Darwin Wealth Management LLC purchased a new position in shares of Summit Therapeutics in the 3rd quarter valued at $25,000. Covestor Ltd raised its stake in Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after buying an additional 1,190 shares during the last quarter. Brooklyn Investment Group acquired a new position in shares of Summit Therapeutics during the fourth quarter valued at about $29,000. National Bank of Canada FI purchased a new position in shares of Summit Therapeutics in the 4th quarter valued at approximately $30,000. Finally, Steward Partners Investment Advisory LLC grew its position in 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. Hedge funds and other institutional investors 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.