Summit Therapeutics PLC (NASDAQ:SMMT – Get Free Report)’s stock price traded down 6% during mid-day trading on Wednesday. The stock traded as low as $16.87 and last traded at $16.7620. Approximately 741,840 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 4,631,510 shares. The stock had previously closed at $17.83.
Analyst Ratings Changes
A number of brokerages recently commented on SMMT. Morgan Stanley cut Summit Therapeutics to an “outperform” rating in a research note on Tuesday, September 29th. Summit Redstone set a $25.00 target price on Summit Therapeutics in a research note on Wednesday, September 9th. Sanford C. Bernstein restated a “market perform” rating on shares of Summit Therapeutics in a report on Monday, October 5th. Jefferies Financial Group restated a “buy” rating on shares of Summit Therapeutics in a research report on Monday, October 26th. Finally, HC Wainwright reiterated a “buy” rating on shares of Summit Therapeutics in a research report on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $28.61.
Get Our Latest Report on Summit Therapeutics
Summit Therapeutics Price Performance
The stock has a market capitalization of $13.52 billion, a price-to-earnings ratio of -15.84 and a beta of -1.49. The business has a 50 day simple moving average of $16.41 and a 200-day simple moving average of $16.15.
Institutional Trading of Summit Therapeutics
A number of large investors have recently bought and sold shares of SMMT. Ieq Capital LLC acquired a new stake in Summit Therapeutics during the 3rd quarter worth approximately $1,179,000. Z3 Capital Partners LLC acquired a new stake in shares of Summit Therapeutics during the third quarter worth $618,000. Global Retirement Partners LLC lifted its position in Summit Therapeutics by 200.0% in the 3rd quarter. Global Retirement Partners LLC now owns 2,058 shares of the company’s stock valued at $35,000 after acquiring an additional 1,372 shares in the last quarter. Rothschild Investment LLC lifted its position in Summit Therapeutics by 25,764.3% in the 3rd quarter. Rothschild Investment LLC now owns 3,621 shares of the company’s stock valued at $61,000 after acquiring an additional 3,607 shares in the last quarter. Finally, NINE MASTS CAPITAL Ltd acquired a new position in Summit Therapeutics in the 3rd quarter worth $474,000. 4.61% of the stock is owned by institutional investors.
Summit Therapeutics Company Profile
Summit Therapeutics is a clinical-stage biopharmaceutical company focused on developing medicines for cancer. Its lead candidate is ivonescimab, a bispecific antibody designed to target both PD-1 and VEGF, two pathways involved in tumor growth and the immune response. The company is evaluating the treatment in clinical trials for multiple types of cancer. Summit licensed rights to develop and commercialize ivonescimab from China-based Akeso in 2022. Summit’s licensed territory covers markets outside China, including the United States, Canada, Europe and Japan.
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