Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 7% – Should You Sell?

Summit Therapeutics Inc. (NASDAQ:SMMT)’s share price was down 7% during mid-day trading on Tuesday . The stock traded as low as $20.05 and last traded at $20.36. Approximately 1,517,752 shares changed hands during trading, a decline of 59% from the average daily volume of 3,739,960 shares. The stock had previously closed at $21.90.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on SMMT shares. HC Wainwright lifted their price target on shares of Summit Therapeutics from $30.00 to $45.00 and gave the company a “buy” rating in a report on Monday, September 16th. Stifel Nicolaus lifted their price target on shares of Summit Therapeutics from $25.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, September 25th. Finally, Citigroup lowered shares of Summit Therapeutics from a “buy” rating to a “neutral” rating and lifted their price target for the company from $19.00 to $23.00 in a report on Friday, September 27th.

Summit Therapeutics Stock Performance

The stock’s 50 day moving average price is $16.01 and its 200 day moving average price is $9.40. The company has a market capitalization of $13.48 billion, a P/E ratio of -115.69 and a beta of -0.99.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. lifted its position in shares of Summit Therapeutics by 142.2% during the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after acquiring an additional 3,579 shares during the period. Fullcircle Wealth LLC acquired a new position in shares of Summit Therapeutics during the 2nd quarter valued at $95,000. XTX Topco Ltd acquired a new position in shares of Summit Therapeutics during the 2nd quarter valued at $121,000. CIBC Asset Management Inc acquired a new position in shares of Summit Therapeutics during the 2nd quarter valued at $154,000. Finally, Virtu Financial LLC lifted its position in shares of Summit Therapeutics by 23.3% during the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock valued at $84,000 after acquiring an additional 3,846 shares during the period. 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.