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

Summit Therapeutics PLC (NASDAQ:SMMT) was down 5.8% on Monday . The company traded as low as $16.84 and last traded at $16.82. Approximately 1,773,826 shares changed hands during trading, a decline of 59% from the average session volume of 4,351,704 shares. The stock had previously closed at $17.85.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SMMT. Jefferies Financial Group set a $15.00 price objective on Summit Therapeutics in a research report on Friday, July 24th. UBS Group reiterated a “buy” rating and issued a $33.00 target price on shares of Summit Therapeutics in a report on Tuesday, September 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Friday, July 17th. Guggenheim restated a “buy” rating on shares of Summit Therapeutics in a report on Wednesday, August 26th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a research report on Tuesday, September 1st. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $25.91.

Summit Therapeutics Price Performance

The business’s fifty day moving average price is $14.71 and its two-hundred day moving average price is $16.29. The stock has a market capitalization of $13.40 billion, a PE ratio of -15.00 and a beta of -1.24.

Summit Therapeutics (NASDAQ:SMMT) last issued its 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 anticipate that Summit Therapeutics PLC will post -1.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SMMT. Baker BROS. Advisors LP raised its position in Summit Therapeutics by 7.9% during the 4th quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock worth $636,480,000 after buying an additional 2,668,089 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Summit Therapeutics in the second quarter worth $138,838,000. Polymer Capital Management HK LTD increased its stake in shares of Summit Therapeutics by 73.9% in the fourth quarter. Polymer Capital Management HK LTD now owns 1,421,155 shares of the company’s stock worth $24,856,000 after acquiring an additional 603,879 shares during the period. Norges Bank purchased a new position in shares of Summit Therapeutics during the fourth quarter worth $24,030,000. Finally, TD Asset Management Inc raised its holdings in shares of Summit Therapeutics by 124.2% during the fourth quarter. TD Asset Management Inc now owns 1,205,272 shares of the company’s stock worth $21,080,000 after purchasing an additional 667,742 shares during the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

Summit Therapeutics Company Profile

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.