Summit Therapeutics (NASDAQ:SMMT) Trading Down 6.2% – Here’s What Happened

Summit Therapeutics PLC (NASDAQ:SMMT) shares traded down 6.2% during mid-day trading on Wednesday . The stock traded as low as $24.94 and last traded at $24.7370. 1,077,004 shares were traded during mid-day trading, a decline of 62% from the average session volume of 2,820,486 shares. The stock had previously closed at $26.38.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Piper Sandler set a $40.00 price target on Summit Therapeutics in a research note on Wednesday, January 14th. Citigroup assumed coverage on Summit Therapeutics in a research note on Wednesday, April 8th. They issued a “buy” rating for the company. HC Wainwright reduced their price target on Summit Therapeutics from $40.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. Zacks Research upgraded Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Thursday, March 5th. Finally, Truist Financial upgraded Summit Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Summit Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $31.00.

Summit Therapeutics Trading Down 9.4%

The business has a 50-day moving average price of $17.82 and a two-hundred day moving average price of $17.89. The stock has a market capitalization of $17.28 billion, a P/E ratio of -15.36 and a beta of -1.36.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Monday, February 23rd. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.07). On average, sell-side analysts forecast that Summit Therapeutics PLC will post -1.31 earnings per share for the current fiscal year.

Institutional Trading of Summit Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. Baker BROS. Advisors LP increased its holdings in Summit Therapeutics by 7.9% in the 4th quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock worth $636,480,000 after purchasing an additional 2,668,089 shares in the last quarter. Vanguard Group Inc. increased its holdings in Summit Therapeutics by 31.2% in the 3rd quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock worth $235,105,000 after purchasing an additional 2,706,056 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Summit Therapeutics by 106.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,371,415 shares of the company’s stock worth $163,907,000 after purchasing an additional 4,832,592 shares in the last quarter. State Street Corp increased its holdings in Summit Therapeutics by 4.3% in the 4th quarter. State Street Corp now owns 6,636,361 shares of the company’s stock worth $116,070,000 after purchasing an additional 274,425 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Summit Therapeutics by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 3,147,480 shares of the company’s stock worth $55,063,000 after purchasing an additional 14,745 shares in the last quarter. 4.61% of the stock is currently owned by institutional investors.

Summit Therapeutics Company Profile

Summit Therapeutics plc is a clinical‐stage biotechnology company dedicated to the discovery and development of precision medicines for serious and life‐threatening diseases. The company applies a targeted approach to drug design, focusing on novel mechanisms of action that differentiate its candidates from existing therapies.

Summit’s lead asset, ridinilazole (formerly SMT19969), is being developed to treat Clostridioides difficile infections and has received both Fast Track and Qualified Infectious Disease Product designations from the U.S.