Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 1% – Time to Sell?

Summit Therapeutics Inc. (NASDAQ:SMMT) shares traded down 1% on Wednesday . The company traded as low as $19.18 and last traded at $19.49. 477,675 shares changed hands during trading, a decline of 87% from the average session volume of 3,758,155 shares. The stock had previously closed at $19.69.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. HC Wainwright reaffirmed a “buy” rating and set a $45.00 price target on shares of Summit Therapeutics in a report on Friday, October 4th. Stifel Nicolaus raised their price objective on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 25th. Finally, Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and raised their price objective for the company from $19.00 to $23.00 in a research note on Friday, September 27th.

Summit Therapeutics Stock Performance

The firm’s 50-day simple moving average is $16.67 and its two-hundred day simple moving average is $9.87.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. As a group, equities analysts anticipate that Summit Therapeutics Inc. will post -0.27 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors have recently modified their holdings of SMMT. Millennium Management LLC acquired a new stake in shares of Summit Therapeutics during the 2nd quarter valued at $15,154,000. TD Asset Management Inc acquired a new stake in shares of Summit Therapeutics in the 2nd quarter valued at $2,081,000. Vanguard Group Inc. lifted its stake in shares of Summit Therapeutics by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock valued at $30,095,000 after purchasing an additional 254,261 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Summit Therapeutics by 167.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock valued at $1,607,000 after purchasing an additional 128,934 shares during the last quarter. Finally, AQR Capital Management LLC acquired a new stake in shares of Summit Therapeutics in the 2nd quarter valued at $484,000. 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.