Summit Therapeutics (NASDAQ:SMMT) Trading Down 7%

Summit Therapeutics Inc. (NASDAQ:SMMT) shares dropped 7% on Tuesday . The company traded as low as $20.05 and last traded at $20.36. Approximately 1,517,752 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 3,739,960 shares. The stock had previously closed at $21.90.

Analyst Ratings Changes

SMMT has been the topic of a number of research reports. Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price target for the company from $19.00 to $23.00 in a research note on Friday. Stifel Nicolaus upped their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Finally, HC Wainwright upped their price target on shares of Summit Therapeutics from $30.00 to $45.00 and gave the company a “buy” rating in a research note on Monday, September 16th.

Summit Therapeutics Stock Performance

The company’s 50-day moving average is $15.62 and its two-hundred day moving average is $9.22.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. On average, analysts expect that Summit Therapeutics Inc. will post -0.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of SMMT. Hoylecohen LLC raised its holdings in Summit Therapeutics by 2.4% in the 2nd quarter. Hoylecohen LLC now owns 86,408 shares of the company’s stock valued at $674,000 after buying an additional 2,000 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Summit Therapeutics by 142.2% in the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after buying an additional 3,579 shares during the last quarter. Virtu Financial LLC raised its holdings in Summit Therapeutics by 23.3% in the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after buying an additional 3,846 shares during the last quarter. Alpine Global Management LLC raised its holdings in Summit Therapeutics by 16.7% in the 1st quarter. Alpine Global Management LLC now owns 35,000 shares of the company’s stock valued at $145,000 after buying an additional 5,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Summit Therapeutics by 18.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 33,145 shares of the company’s stock valued at $138,000 after buying an additional 5,139 shares during the last quarter. 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.