Summit Therapeutics (NASDAQ:SMMT) Shares Down 1% – Here’s What Happened

Summit Therapeutics Inc. (NASDAQ:SMMT) fell 1% during trading on Wednesday . The stock traded as low as $19.18 and last traded at $19.49. 477,675 shares traded hands during trading, a decline of 87% from the average session volume of 3,758,155 shares. The stock had previously closed at $19.69.

Analyst Upgrades and Downgrades

SMMT has been the subject of several analyst reports. Citigroup cut shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their target price for the company from $19.00 to $23.00 in a research note on Friday, September 27th. Stifel Nicolaus boosted their target price on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Finally, HC Wainwright reiterated a “buy” rating and issued a $45.00 target price on shares of Summit Therapeutics in a research note on Friday, October 4th.

Summit Therapeutics Stock Up 7.2 %

The stock’s 50-day simple moving average is $16.99 and its two-hundred day simple moving average is $9.99. The company has a market capitalization of $14.45 billion, a price-to-earnings ratio of -85.87 and a beta of -0.97.

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, topping analysts’ consensus estimates of ($0.06) by $0.01. On average, sell-side analysts forecast that Summit Therapeutics Inc. will post -0.27 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

A number of large investors have recently added to or reduced their stakes in SMMT. Russell Investments Group Ltd. raised its position in Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after acquiring an additional 3,579 shares during the period. Virtu Financial LLC grew its holdings in shares of Summit Therapeutics by 23.3% during the first quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after buying an additional 3,846 shares in the last quarter. Fullcircle Wealth LLC purchased a new stake in shares of Summit Therapeutics during the second quarter worth $95,000. EntryPoint Capital LLC purchased a new stake in shares of Summit Therapeutics during the first quarter worth $100,000. Finally, XTX Topco Ltd purchased a new stake in shares of Summit Therapeutics during the second quarter worth $121,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

About Summit Therapeutics

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.