Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 2.4%

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price fell 2.4% on Wednesday . The stock traded as low as $25.56 and last traded at $25.58. 465,129 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 3,577,076 shares. The stock had previously closed at $26.22.

Analysts Set New Price Targets

Several research firms recently weighed in on SMMT. HC Wainwright raised their target price on shares of Summit Therapeutics from $30.00 to $45.00 and gave the company a “buy” rating in a research note on Monday. Citigroup lifted their price objective on shares of Summit Therapeutics from $13.00 to $19.00 and gave the stock a “buy” rating in a research report on Monday, September 9th. Finally, Stifel Nicolaus lifted their price objective on shares of Summit Therapeutics from $14.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, September 9th.

Summit Therapeutics Price Performance

The stock’s 50-day simple moving average is $13.75 and its 200 day simple moving average is $8.27. The stock has a market capitalization of $16.78 billion, a P/E ratio of -144.75 and a beta of -0.99.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. As a group, analysts expect that Summit Therapeutics Inc. will post -0.27 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors have recently modified their holdings of the business. Millennium Management LLC acquired a new position in Summit Therapeutics in the second quarter valued at about $15,154,000. TD Asset Management Inc acquired a new position in Summit Therapeutics in the second quarter valued at about $2,081,000. Vanguard Group Inc. raised its stake in Summit Therapeutics by 3.6% in the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after purchasing an additional 254,261 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake 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 in the last quarter. Finally, Aristides Capital LLC acquired a new position in Summit Therapeutics in the fourth quarter valued at about $210,000. 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.