Summit Therapeutics (NASDAQ:SMMT) Shares Down 5.8% – Time to Sell?

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) dropped 5.8% on Tuesday. The company traded as low as $15.94 and last traded at $16.1430. Approximately 927,410 shares changed hands during trading, a decline of 80% from the average daily volume of 4,594,979 shares. The stock had previously closed at $17.13.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Sanford C. Bernstein restated a “market perform” rating on shares of Summit Therapeutics in a report on Monday, October 5th. The Goldman Sachs Group set a $41.00 price target on Summit Therapeutics and gave the company a “buy” rating in a research report on Tuesday, September 29th. HC Wainwright restated a “neutral” rating on shares of Summit Therapeutics in a research report on Wednesday, September 30th. Morgan Stanley lowered shares of Summit Therapeutics to an “outperform” rating in a research note on Tuesday, September 29th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research note on Tuesday, September 22nd. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.61.

Summit Therapeutics Stock Down 2.5%

The business has a 50 day moving average price of $15.70 and a two-hundred day moving average price of $16.39.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.27) by ($0.01). On average, analysts expect that Summit Therapeutics PLC will post -1.20 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in SMMT. BlackRock Inc. bought a new position in Summit Therapeutics during the 2nd quarter valued at approximately $138,838,000. Baker BROS. Advisors LP grew its holdings in shares of Summit Therapeutics by 7.9% during the fourth quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock valued at $636,480,000 after buying an additional 2,668,089 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of Summit Therapeutics during the second quarter valued at approximately $12,603,000. Elmind Capital LP bought a new position in Summit Therapeutics in the 2nd quarter valued at approximately $7,194,957. Finally, Bank of New York Mellon Corp bought a new stake in shares of Summit Therapeutics in the 2nd quarter worth $6,284,000. Institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

Summit Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing innovative cancer treatments. The company’s lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition targeting PD-1 with anti-angiogenic activity targeting VEGF. Summit is evaluating ivonescimab in clinical studies for multiple solid tumors, including non-small cell lung cancer.

Summit obtained exclusive rights from Akeso, Inc to develop and commercialize ivonescimab in markets outside China, including the United States and other international territories.