Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 2.6%

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price fell 2.6% during mid-day trading on Friday . The company traded as low as $12.49 and last traded at $12.52. 101,962 shares traded hands during trading, a decline of 96% from the average session volume of 2,866,985 shares. The stock had previously closed at $12.86.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Stifel Nicolaus increased their target price on shares of Summit Therapeutics from $8.00 to $14.00 and gave the stock a “buy” rating in a research report on Monday, June 3rd. HC Wainwright reissued a “buy” rating and issued a $16.00 price objective on shares of Summit Therapeutics in a research report on Wednesday, August 21st. Finally, Citigroup lifted their target price on shares of Summit Therapeutics from $7.00 to $13.00 and gave the company a “buy” rating in a report on Friday, May 31st.

Summit Therapeutics Stock Performance

The stock has a fifty day simple moving average of $10.12 and a two-hundred day simple moving average of $6.70. The stock has a market cap of $9.40 billion, a PE ratio of -81.13 and a beta of -0.97.

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

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC grew its stake in shares of Summit Therapeutics by 37.9% during the second quarter. Susquehanna Fundamental Investments LLC now owns 67,378 shares of the company’s stock valued at $526,000 after acquiring an additional 18,501 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Summit Therapeutics by 167.2% in the second quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock valued at $1,607,000 after purchasing an additional 128,934 shares during the last quarter. Millennium Management LLC acquired a new stake in Summit Therapeutics during the 2nd quarter valued at approximately $15,154,000. AQR Capital Management LLC purchased a new stake in Summit Therapeutics during the 2nd quarter worth approximately $484,000. Finally, Squarepoint Ops LLC raised its position in shares of Summit Therapeutics by 192.2% in the 2nd quarter. Squarepoint Ops LLC now owns 86,064 shares of the company’s stock valued at $671,000 after purchasing an additional 56,614 shares in the last quarter. Institutional investors and hedge funds 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.