Summit Therapeutics (NASDAQ:SMMT) Shares Down 1.1%

Summit Therapeutics Inc. (NASDAQ:SMMT) shares fell 1.1% during trading on Wednesday . The company traded as low as $19.30 and last traded at $19.88. 959,063 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 3,737,400 shares. The stock had previously closed at $20.10.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Citigroup lowered 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. HC Wainwright lifted their price target on shares of Summit Therapeutics from $30.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Finally, Stifel Nicolaus increased their target price 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.

Summit Therapeutics Trading Down 2.5 %

The firm has a market cap of $14.20 billion, a PE ratio of -120.31 and a beta of -0.99. The firm has a fifty day simple moving average of $15.82 and a two-hundred day simple moving average of $9.32.

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, beating the consensus estimate of ($0.06) by $0.01. Equities analysts expect that Summit Therapeutics Inc. will post -0.27 earnings per share for the current fiscal year.

Institutional Trading of Summit Therapeutics

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Summit Therapeutics by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after acquiring an additional 254,261 shares during the period. Millennium Management LLC purchased a new position in shares of Summit Therapeutics in the second quarter worth $15,154,000. TD Asset Management Inc bought a new stake in Summit Therapeutics in the 2nd quarter worth approximately $2,081,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Summit Therapeutics by 167.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock valued at $1,607,000 after buying an additional 128,934 shares during the period. Finally, China Universal Asset Management Co. Ltd. boosted its stake in shares of Summit Therapeutics by 66.3% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 134,845 shares of the company’s stock worth $558,000 after buying an additional 53,774 shares during 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.