Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 7% – Here’s What Happened

Summit Therapeutics PLC (NASDAQ:SMMT)’s share price was down 7% during trading on Tuesday . The stock traded as low as $17.36 and last traded at $17.1370. Approximately 2,683,051 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 4,281,030 shares. The stock had previously closed at $18.42.

Analysts Set New Price Targets

SMMT has been the topic of a number of recent research reports. Summit Redstone set a $25.00 target price on Summit Therapeutics in a research note on Wednesday, September 9th. Leerink Partners raised Summit Therapeutics from an “underperform” rating to a “market perform” rating and lifted their price target for the stock from $12.00 to $13.00 in a research report on Wednesday, August 12th. UBS Group reissued a “buy” rating and set a $33.00 price objective on shares of Summit Therapeutics in a research report on Tuesday, September 8th. HC Wainwright restated a “neutral” rating on shares of Summit Therapeutics in a research note on Thursday, September 3rd. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a research note on Tuesday, September 1st. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Summit Therapeutics presently has an average rating of “Hold” and an average price target of $25.91.

Summit Therapeutics Stock Performance

The firm has a market cap of $13.92 billion, a P/E ratio of -15.55 and a beta of -1.24. The business’s 50-day simple moving average is $14.55 and its 200 day simple moving average is $16.25.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.01). As a group, equities research analysts expect that Summit Therapeutics PLC will post -1.2 EPS for the current year.

Institutional Investors Weigh In On Summit Therapeutics

A number of large investors have recently made changes to their positions in SMMT. Ball & Co Wealth Management Inc. purchased a new stake in shares of Summit Therapeutics during the 1st quarter valued at about $28,000. Parallel Advisors LLC boosted its holdings in shares of Summit Therapeutics by 4,178.0% in the first quarter. Parallel Advisors LLC now owns 2,139 shares of the company’s stock worth $41,000 after buying an additional 2,089 shares during the last quarter. Fifth Third Bancorp grew its position in Summit Therapeutics by 24.4% during the first quarter. Fifth Third Bancorp now owns 3,732 shares of the company’s stock valued at $71,000 after buying an additional 732 shares during the period. Osterweis Capital Management Inc. bought a new stake in Summit Therapeutics during the second quarter valued at approximately $73,000. Finally, Havemeyer Place LP purchased a new stake in Summit Therapeutics during the fourth quarter valued at approximately $109,000. 4.61% of the stock is currently owned by institutional investors.

About Summit Therapeutics

Summit Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for the treatment of cancer. The company’s lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition against PD-1 with selective inhibition of vascular endothelial growth factor A (VEGF-A). Summit is evaluating ivonescimab in clinical studies involving patients with non-small cell lung cancer and other solid tumors.

Summit has entered into a licensing and collaboration agreement with Akeso, a biotechnology company that discovered and developed ivonescimab.