Summit Therapeutics (NASDAQ:SMMT) Shares Gap Down to $29.48

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) gapped down before the market opened on Tuesday . The stock had previously closed at $29.48, but opened at $28.44. Summit Therapeutics shares last traded at $27.11, with a volume of 2,451,560 shares.

Analyst Ratings Changes

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

Summit Therapeutics Price Performance

The firm has a 50-day simple moving average of $13.46 and a 200 day simple moving average of $8.17. The company has a market capitalization of $17.24 billion, a PE ratio of -153.50 and a beta of -0.99.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. Equities research analysts expect that Summit Therapeutics Inc. will post -0.27 EPS for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. grew its position in shares of Summit Therapeutics by 142.2% during the first quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock worth $25,000 after buying an additional 3,579 shares in the last quarter. Fullcircle Wealth LLC acquired a new position in Summit Therapeutics during the 2nd quarter worth $95,000. XTX Topco Ltd bought a new stake in shares of Summit Therapeutics in the 2nd quarter worth about $121,000. CIBC Asset Management Inc acquired a new stake in shares of Summit Therapeutics in the 2nd quarter valued at about $154,000. Finally, Virtu Financial LLC raised its stake in shares of Summit Therapeutics by 23.3% in the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after purchasing an additional 3,846 shares in the last quarter. 4.61% of the stock is currently owned by hedge funds and other institutional investors.

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.