Summit Therapeutics (NASDAQ:SMMT) Trading Down 5.4% – Time to Sell?

Shares of Summit Therapeutics Inc. (NASDAQ:SMMT) traded down 5.4% during mid-day trading on Monday . The stock traded as low as $20.00 and last traded at $20.34. 583,844 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 2,401,488 shares. The stock had previously closed at $21.50.

Wall Street Analyst Weigh In

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

Summit Therapeutics Stock Up 0.8 %

The company’s 50-day moving average is $19.19 and its 200-day moving average is $18.11. The stock has a market capitalization of $15.32 billion, a price-to-earnings ratio of -74.21 and a beta of -0.88.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SMMT. Darwin Wealth Management LLC acquired a new position in shares of Summit Therapeutics in the 3rd quarter valued at $25,000. Covestor Ltd lifted its position in Summit Therapeutics by 2,767.4% in the third quarter. Covestor Ltd now owns 1,233 shares of the company’s stock valued at $27,000 after buying an additional 1,190 shares during the last quarter. Brooklyn Investment Group purchased a new position in Summit Therapeutics during the fourth quarter worth about $29,000. Fred Alger Management LLC acquired a new stake in shares of Summit Therapeutics during the third quarter valued at about $105,000. Finally, Avanza Fonder AB acquired a new position in shares of Summit Therapeutics in the 4th quarter worth approximately $115,000. 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.