Summit Therapeutics (NASDAQ:SMMT) Trading Down 4.7% – What’s Next?

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price traded down 4.7% during trading on Friday . The stock traded as low as $23.56 and last traded at $23.49. 1,773,291 shares were traded during mid-day trading, a decline of 33% from the average session volume of 2,665,506 shares. The stock had previously closed at $24.65.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Truist Financial assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, January 8th. They issued a “buy” rating and a $35.00 price target for the company. Wells Fargo & Company assumed coverage on shares of Summit Therapeutics in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $30.00 price target for the company. Jefferies Financial Group assumed coverage on shares of Summit Therapeutics in a research note on Friday, December 6th. They issued a “buy” rating and a $31.00 price target for the company. JMP Securities started coverage on shares of Summit Therapeutics in a research note on Monday, November 4th. They issued a “market outperform” rating and a $32.00 price target for the company. Finally, HC Wainwright reiterated a “buy” rating and set a $44.00 target price on shares of Summit Therapeutics in a research note on Tuesday, January 21st. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.57.

Summit Therapeutics Stock Down 3.6 %

The business’s 50-day moving average is $18.80 and its two-hundred day moving average is $17.35.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). During the same quarter in the previous year, the firm earned ($0.03) EPS. As a group, equities analysts predict that Summit Therapeutics Inc. will post -0.3 EPS for the current year.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in SMMT. Millennium Management LLC acquired a new position in shares of Summit Therapeutics during the second quarter worth about $15,154,000. Baker BROS. Advisors LP increased its stake in shares of Summit Therapeutics by 5.2% during the third quarter. Baker BROS. Advisors LP now owns 24,424,865 shares of the company’s stock worth $534,905,000 after acquiring an additional 1,202,643 shares during the period. abrdn plc acquired a new position in shares of Summit Therapeutics during the third quarter worth about $24,885,000. FMR LLC increased its stake in shares of Summit Therapeutics by 9.8% during the third quarter. FMR LLC now owns 8,303,119 shares of the company’s stock worth $181,838,000 after acquiring an additional 737,692 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Summit Therapeutics by 53.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,432,713 shares of the company’s stock worth $31,376,000 after acquiring an additional 497,984 shares during the period. 4.61% of the stock is 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.