Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 4.7% – Time to Sell?

Summit Therapeutics Inc. (NASDAQ:SMMT) shares traded down 4.7% during mid-day trading on Friday . The company traded as low as $23.56 and last traded at $23.49. 1,773,291 shares were traded during mid-day trading, a decline of 33% from the average session volume of 2,665,506 shares. The stock had previously closed at $24.65.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Truist Financial initiated coverage on Summit Therapeutics in a research note on Wednesday, January 8th. They set a “buy” rating and a $35.00 price target on the stock. Citigroup downgraded shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and upped their price target for the company from $19.00 to $23.00 in a report on Friday, September 27th. JMP Securities assumed coverage on shares of Summit Therapeutics in a research note on Monday, November 4th. They set a “market outperform” rating and a $32.00 price objective for the company. Jefferies Financial Group started coverage on Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 target price on the stock. Finally, Wells Fargo & Company began coverage on Summit Therapeutics in a research report on Wednesday, December 11th. They set an “overweight” rating and a $30.00 price target for the company. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $33.57.

Summit Therapeutics Stock Performance

The company has a fifty day simple moving average of $18.69 and a two-hundred day simple moving average of $17.23. The company has a market capitalization of $17.52 billion, a price-to-earnings ratio of -84.85 and a beta of -0.87.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Wednesday, October 30th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.02). During the same quarter in the previous year, the business posted ($0.03) earnings per share. As a group, analysts expect that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

Hedge Funds Weigh In On Summit Therapeutics

A number of large investors have recently bought and sold shares of SMMT. China Universal Asset Management Co. Ltd. increased its holdings in shares of Summit Therapeutics by 12.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 156,366 shares of the company’s stock worth $2,790,000 after buying an additional 17,014 shares during the last quarter. Five Pine Wealth Management acquired a new stake in Summit Therapeutics during the fourth quarter worth about $531,000. Griffin Asset Management Inc. increased its stake in Summit Therapeutics by 63.3% during the fourth quarter. Griffin Asset Management Inc. now owns 110,660 shares of the company’s stock worth $1,975,000 after acquiring an additional 42,900 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Summit Therapeutics by 39.4% in the 4th quarter. Janney Montgomery Scott LLC now owns 15,716 shares of the company’s stock worth $280,000 after purchasing an additional 4,443 shares during the period. Finally, Wealth Management Partners LLC lifted its stake in shares of Summit Therapeutics by 10.2% in the 4th quarter. Wealth Management Partners LLC now owns 97,383 shares of the company’s stock valued at $1,738,000 after purchasing an additional 9,000 shares in the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

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.