Summit Therapeutics (NASDAQ:SMMT) Shares Down 5.7% – Should You Sell?

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) were down 5.7% during mid-day trading on Friday . The company traded as low as $17.70 and last traded at $17.91. Approximately 2,422,509 shares traded hands during trading, a decline of 2% from the average daily volume of 2,476,794 shares. The stock had previously closed at $18.99.

Analysts Set New Price Targets

A number of analysts have weighed in on SMMT shares. HC Wainwright reissued a “buy” rating and issued a $44.00 price target on shares of Summit Therapeutics in a report on Tuesday, February 25th. Truist Financial assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They issued a “buy” rating and a $35.00 target price for the company. StockNews.com raised Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday. The Goldman Sachs Group began coverage on Summit Therapeutics in a report on Friday, February 28th. They issued a “buy” rating and a $42.00 price target for the company. Finally, Jefferies Financial Group began coverage on Summit Therapeutics in a report on Friday, December 6th. They set a “buy” rating and a $31.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $34.63.

Summit Therapeutics Trading Down 6.1 %

The stock has a fifty day moving average price of $20.00 and a 200-day moving average price of $19.47. The firm has a market capitalization of $13.15 billion, a price-to-earnings ratio of -63.66 and a beta of -0.88.

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

Institutional Investors Weigh In On Summit Therapeutics

A number of hedge funds have recently made changes to their positions in the company. Darwin Wealth Management LLC acquired a new stake in shares of Summit Therapeutics during the third quarter worth approximately $25,000. Covestor Ltd increased 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 valued at $27,000 after purchasing an additional 1,190 shares in the last quarter. Brooklyn Investment Group bought a new position in Summit Therapeutics in the 4th quarter valued at $29,000. National Bank of Canada FI acquired a new position in Summit Therapeutics in the fourth quarter worth $30,000. Finally, Steward Partners Investment Advisory LLC boosted its stake in Summit Therapeutics by 56.1% in the fourth 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 in the last quarter. 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.