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

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) dropped 5.8% during trading on Tuesday. The company traded as low as $15.94 and last traded at $16.1430. 927,410 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 4,594,979 shares. The stock had previously closed at $17.13.

Wall Street Analysts Forecast Growth

SMMT has been the topic of several research reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a report on Tuesday, September 22nd. Jefferies Financial Group reissued a “buy” rating and issued a $30.00 price objective on shares of Summit Therapeutics in a research note on Tuesday, September 29th. Summit Redstone set a $25.00 target price on shares of Summit Therapeutics in a research report on Wednesday, September 9th. Leerink Partners upgraded shares of Summit Therapeutics from an “underperform” rating to a “market perform” rating and raised their target price for the company from $12.00 to $13.00 in a research report on Wednesday, August 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $28.61.

Summit Therapeutics Stock Down 7.7%

The stock has a 50 day moving average price of $15.64 and a 200 day moving average price of $16.42. The stock has a market capitalization of $12.64 billion, a price-to-earnings ratio of -14.13 and a beta of -1.51.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Sell-side analysts forecast that Summit Therapeutics PLC will post -1.20 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors have recently added to or reduced their stakes in SMMT. Baker BROS. Advisors LP grew its holdings in Summit Therapeutics by 7.9% in the fourth quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock worth $636,480,000 after purchasing an additional 2,668,089 shares during the period. BlackRock Inc. acquired a new position in shares of Summit Therapeutics during the second quarter valued at about $138,838,000. Bank of America Corp DE bought a new position in shares of Summit Therapeutics during the 2nd quarter worth about $12,603,000. The Manufacturers Life Insurance Company boosted its position in shares of Summit Therapeutics by 34.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 592,810 shares of the company’s stock worth $11,240,000 after purchasing an additional 151,857 shares in the last quarter. Finally, Elmind Capital LP acquired a new stake in shares of Summit Therapeutics in the 2nd quarter valued at about $7,194,957. 4.61% of the stock is owned by institutional investors.

Summit Therapeutics Company Profile

Summit Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing innovative cancer treatments. The company’s lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition targeting PD-1 with anti-angiogenic activity targeting VEGF. Summit is evaluating ivonescimab in clinical studies for multiple solid tumors, including non-small cell lung cancer.

Summit obtained exclusive rights from Akeso, Inc to develop and commercialize ivonescimab in markets outside China, including the United States and other international territories.