Summit Therapeutics (NASDAQ:SMMT) Trading Down 6.8% – Should You Sell?

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price traded down 6.8% on Tuesday . The stock traded as low as $19.13 and last traded at $19.11. 443,590 shares were traded during mid-day trading, a decline of 80% from the average session volume of 2,211,246 shares. The stock had previously closed at $20.50.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on SMMT shares. Wells Fargo & Company initiated coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 target price on the stock. Truist Financial initiated coverage on Summit Therapeutics in a research report on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price target for the company. JMP Securities initiated coverage on shares of Summit Therapeutics in a research report on Monday, November 4th. They set a “market outperform” rating and a $32.00 target price on the stock. Jefferies Financial Group began coverage on Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 price objective for the company. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, January 21st. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $33.57.

Summit Therapeutics Stock Performance

The business’s 50-day moving average price is $19.34 and its 200-day moving average price is $18.40. The stock has a market cap of $14.23 billion, a P/E ratio of -69.07 and a beta of -0.88.

Institutional Investors Weigh In On Summit Therapeutics

Hedge funds have recently made changes to their positions in the company. Darwin Wealth Management LLC bought a new stake in shares of Summit Therapeutics in the third quarter valued at about $25,000. Covestor Ltd raised its stake in Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock worth $27,000 after buying an additional 1,190 shares in the last quarter. Brooklyn Investment Group purchased a new stake in Summit Therapeutics during the fourth quarter worth $29,000. Steward Partners Investment Advisory LLC boosted its position in Summit Therapeutics by 56.1% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,503 shares of the company’s stock valued at $45,000 after acquiring an additional 900 shares in the last quarter. Finally, Rakuten Securities Inc. purchased a new stake in shares of Summit Therapeutics during the 4th quarter worth $71,000. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

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.