Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 10.4% – Time to Sell?

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price dropped 10.4% during mid-day trading on Wednesday . The company traded as low as $19.51 and last traded at $19.55. Approximately 202,951 shares changed hands during trading, a decline of 94% from the average daily volume of 3,657,597 shares. The stock had previously closed at $21.83.

Analysts Set New Price Targets

SMMT has been the topic of several recent research reports. Stifel Nicolaus boosted their price target on Summit Therapeutics from $25.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 25th. HC Wainwright reduced their price target on Summit Therapeutics from $45.00 to $44.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Citigroup lowered Summit Therapeutics from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $19.00 to $23.00 in a research report on Friday, September 27th.

Summit Therapeutics Price Performance

The stock has a 50-day simple moving average of $19.84 and a 200-day simple moving average of $11.75.

Summit Therapeutics (NASDAQ:SMMT) last announced its earnings results on Tuesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.01. Equities research analysts anticipate that Summit Therapeutics Inc. will post -0.27 earnings per share for the current year.

Institutional Investors Weigh In On Summit Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. raised its position in shares of Summit Therapeutics by 142.2% during the 1st quarter. Russell Investments Group Ltd. now owns 6,096 shares of the company’s stock valued at $25,000 after acquiring an additional 3,579 shares in the last quarter. Virtu Financial LLC grew its stake in Summit Therapeutics by 23.3% during the 1st quarter. Virtu Financial LLC now owns 20,372 shares of the company’s stock worth $84,000 after buying an additional 3,846 shares during the last quarter. Fullcircle Wealth LLC bought a new position in Summit Therapeutics during the 2nd quarter worth $95,000. EntryPoint Capital LLC bought a new position in Summit Therapeutics during the 1st quarter worth $100,000. Finally, XTX Topco Ltd bought a new position in Summit Therapeutics during the 2nd quarter worth $121,000. 4.61% of the stock is owned by institutional investors and hedge funds.

About Summit Therapeutics

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.