Summit Therapeutics (NASDAQ:SMMT) Trading Down 7%

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

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Citigroup downgraded 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. 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 report on Wednesday, September 25th. Finally, HC Wainwright raised their price objective on shares of Summit Therapeutics from $30.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, September 16th.

Summit Therapeutics Stock Performance

The firm’s 50-day moving average price is $15.62 and its 200 day moving average price is $9.22.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.01. Research analysts expect that Summit Therapeutics Inc. will post -0.27 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Several institutional investors have recently modified their holdings of the business. Susquehanna Fundamental Investments LLC grew its holdings in Summit Therapeutics by 37.9% during the second quarter. Susquehanna Fundamental Investments LLC now owns 67,378 shares of the company’s stock valued at $526,000 after purchasing an additional 18,501 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Summit Therapeutics by 167.2% during the second 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 period. Millennium Management LLC acquired a new position in Summit Therapeutics during the second quarter valued at approximately $15,154,000. AQR Capital Management LLC acquired a new position in Summit Therapeutics during the second quarter valued at approximately $484,000. Finally, Squarepoint Ops LLC grew its holdings in Summit Therapeutics by 192.2% during the second quarter. Squarepoint Ops LLC now owns 86,064 shares of the company’s stock valued at $671,000 after purchasing an additional 56,614 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.