Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 2.4%

Summit Therapeutics Inc. (NASDAQ:SMMT) fell 2.4% during mid-day trading on Wednesday . The stock traded as low as $25.56 and last traded at $25.58. 465,129 shares traded hands during trading, a decline of 87% from the average session volume of 3,577,076 shares. The stock had previously closed at $26.22.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SMMT. HC Wainwright boosted their price target on Summit Therapeutics from $30.00 to $45.00 and gave the company a “buy” rating in a report on Monday. Stifel Nicolaus lifted their price target on shares of Summit Therapeutics from $14.00 to $25.00 and gave the company a “buy” rating in a report on Monday, September 9th. Finally, Citigroup raised their target price on Summit Therapeutics from $13.00 to $19.00 and gave the company a “buy” rating in a research note on Monday, September 9th.

Summit Therapeutics Stock Performance

The business’s 50 day moving average price is $13.13 and its two-hundred day moving average price is $8.05. The company has a market capitalization of $17.47 billion, a price-to-earnings ratio of -155.19 and a beta of -0.99.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. On average, sell-side analysts expect that Summit Therapeutics Inc. will post -0.27 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors have recently modified their holdings of the stock. Millennium Management LLC purchased a new stake in shares of Summit Therapeutics during the 2nd quarter worth about $15,154,000. TD Asset Management Inc bought a new position in shares of Summit Therapeutics in the second quarter worth about $2,081,000. Vanguard Group Inc. lifted its position in shares of Summit Therapeutics by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock worth $30,095,000 after purchasing an additional 254,261 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Summit Therapeutics by 167.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock worth $1,607,000 after buying an additional 128,934 shares during the period. Finally, Aristides Capital LLC bought a new position in shares of Summit Therapeutics during the 4th quarter worth about $210,000. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

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.