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

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) gapped down prior to trading 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 trading hands.

Analysts Set New Price Targets

SMMT has been the topic of a number of analyst reports. Citigroup upped their target price on shares of Summit Therapeutics from $13.00 to $19.00 and gave the stock a “buy” rating in a report on Monday, September 9th. HC Wainwright lifted their price target on Summit Therapeutics from $30.00 to $45.00 and gave the company a “buy” rating in a research report on Monday. Finally, Stifel Nicolaus upped their target price on shares of Summit Therapeutics from $14.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, September 9th.

Summit Therapeutics Trading Down 12.0 %

The firm has a market capitalization of $18.20 billion, a PE ratio of -169.44 and a beta of -0.99. The stock has a 50 day simple moving average of $12.76 and a 200 day simple moving average of $7.90.

Summit Therapeutics (NASDAQ:SMMT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.05) EPS 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 bought a new stake in Summit Therapeutics during the 2nd quarter valued at about $15,154,000. TD Asset Management Inc purchased a new stake in Summit Therapeutics during the second quarter valued at approximately $2,081,000. Vanguard Group Inc. raised its position in Summit Therapeutics by 3.6% in the first quarter. Vanguard Group Inc. now owns 7,269,243 shares of the company’s stock worth $30,095,000 after acquiring an additional 254,261 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Summit Therapeutics by 167.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 206,057 shares of the company’s stock worth $1,607,000 after acquiring an additional 128,934 shares during the last quarter. Finally, Aristides Capital LLC bought a new stake in shares of Summit Therapeutics during the 4th quarter valued at $210,000. 4.61% of the stock is owned by hedge funds and other institutional investors.

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.