Summit Therapeutics (NASDAQ:SMMT) Trading Down 5.4% – Here’s What Happened

Summit Therapeutics Inc. (NASDAQ:SMMT) dropped 5.4% during mid-day trading on Monday . The company traded as low as $20.00 and last traded at $20.34. Approximately 583,844 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 2,401,488 shares. The stock had previously closed at $21.50.

Wall Street Analysts Forecast Growth

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

Summit Therapeutics Stock Performance

The business has a 50-day simple moving average of $19.15 and a two-hundred day simple moving average of $17.95. The company has a market capitalization of $14.73 billion, a price-to-earnings ratio of -71.35 and a beta of -0.87.

Institutional Trading of Summit Therapeutics

Several hedge funds have recently modified their holdings of SMMT. Millennium Management LLC acquired a new stake in shares of Summit Therapeutics in the 2nd quarter valued at approximately $15,154,000. Baker BROS. Advisors LP lifted its holdings in shares of Summit Therapeutics by 5.2% in the 3rd quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock valued at $534,905,000 after buying an additional 1,202,643 shares during the period. abrdn plc acquired a new stake in shares of Summit Therapeutics in the 3rd quarter valued at approximately $24,885,000. FMR LLC lifted its holdings in shares of Summit Therapeutics by 9.8% in the 3rd quarter. FMR LLC now owns 8,303,119 shares of the company’s stock valued at $181,838,000 after buying an additional 737,692 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Summit Therapeutics by 53.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock valued at $31,376,000 after buying an additional 497,984 shares during the period. 4.61% of the stock is 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.