Summit Therapeutics (NASDAQ:SMMT) Shares Gap Down – Here’s What Happened

Posted by Stanley Muller on May 22nd, 2026

Summit Therapeutics PLC (NASDAQ:SMMT – Get Free Report)’s share price gapped down before the market opened on Friday . The stock had previously closed at $17.47, but opened at $16.48. Summit Therapeutics shares last traded at $16.5150, with a volume of 1,672,830 shares traded.

Analyst Ratings Changes

SMMT has been the subject of several recent analyst reports. Truist Financial upgraded Summit Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Stifel Nicolaus initiated coverage on Summit Therapeutics in a report on Wednesday, April 8th. They issued a “buy” rating and a $45.00 price target for the company. Citizens Jmp restated a “market outperform” rating and issued a $40.00 price target on shares of Summit Therapeutics in a report on Friday, January 30th. Citigroup initiated coverage on Summit Therapeutics in a report on Wednesday, April 8th. They issued a “buy” rating for the company. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $26.05.

Check Out Our Latest Research Report on SMMT

Summit Therapeutics Trading Down 3.6%

The firm has a market capitalization of $13.07 billion, a price-to-earnings ratio of -10.54 and a beta of -1.25. The firm has a 50 day moving average price of $18.91 and a two-hundred day moving average price of $17.61.

Summit Therapeutics (NASDAQ:SMMT – Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.03. As a group, research analysts forecast that Summit Therapeutics PLC will post -1.17 earnings per share for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of SMMT. AQR Capital Management LLC lifted its position in Summit Therapeutics by 5.0% during the 1st quarter. AQR Capital Management LLC now owns 65,623 shares of the company’s stock worth $1,266,000 after acquiring an additional 3,134 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Summit Therapeutics by 1.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,411 shares of the company’s stock worth $1,273,000 after acquiring an additional 694 shares in the last quarter. Creative Planning lifted its position in Summit Therapeutics by 6.7% during the 2nd quarter. Creative Planning now owns 21,390 shares of the company’s stock worth $455,000 after acquiring an additional 1,336 shares in the last quarter. Legal & General Group Plc lifted its position in Summit Therapeutics by 33.8% during the 2nd quarter. Legal & General Group Plc now owns 26,367 shares of the company’s stock worth $561,000 after acquiring an additional 6,662 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in Summit Therapeutics during the 2nd quarter worth approximately $132,000. 4.61% of the stock is owned by institutional investors and hedge funds.

Summit Therapeutics Company Profile

(Get Free Report)

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.