Summit Therapeutics (NASDAQ:SMMT) Sets New 1-Year Low – Here’s What Happened

Summit Therapeutics PLC (NASDAQ:SMMT) shares reached a new 52-week low during trading on Tuesday . The stock traded as low as $14.03 and last traded at $14.06, with a volume of 2725202 shares. The stock had previously closed at $14.48.

Analyst Ratings Changes

Several equities research analysts have issued reports on SMMT shares. Citigroup restated a “market outperform” rating on shares of Summit Therapeutics in a research report on Friday. Zacks Research upgraded Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, October 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Thursday, January 22nd. Guggenheim reaffirmed a “buy” rating and set a $40.00 target price on shares of Summit Therapeutics in a report on Wednesday, October 22nd. Finally, Summit Redstone set a $18.00 price target on shares of Summit Therapeutics in a report on Wednesday, December 17th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $33.62.

Summit Therapeutics Stock Performance

The business has a 50 day simple moving average of $17.42 and a two-hundred day simple moving average of $20.50. The firm has a market capitalization of $10.84 billion, a P/E ratio of -11.34 and a beta of -1.44.

Institutional Investors Weigh In On Summit Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of SMMT. AQR Capital Management LLC grew its stake in Summit Therapeutics by 5.0% in the 1st quarter. AQR Capital Management LLC now owns 65,623 shares of the company’s stock worth $1,266,000 after buying an additional 3,134 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of 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 during the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Summit Therapeutics during the 2nd quarter worth $225,000. Public Employees Retirement System of Ohio purchased a new position in Summit Therapeutics in the second quarter worth $772,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Summit Therapeutics by 15.2% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,548 shares of the company’s stock valued at $650,000 after acquiring an additional 4,030 shares during the last quarter. 4.61% of the stock is owned by hedge funds and other 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.