Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 6% – Here’s What Happened

Summit Therapeutics PLC (NASDAQ:SMMT) shares were down 6% during trading on Wednesday. The company traded as low as $16.87 and last traded at $16.7620. Approximately 741,840 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 4,631,510 shares. The stock had previously closed at $17.83.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on SMMT shares. Guggenheim reiterated a “buy” rating on shares of Summit Therapeutics in a research report on Wednesday, August 26th. The Goldman Sachs Group set a $41.00 target price on Summit Therapeutics and gave the company a “buy” rating in a research report on Tuesday, September 29th. Barclays upped their price target on Summit Therapeutics from $18.00 to $20.00 and gave the company an “equal weight” rating in a research note on Thursday, October 1st. Leerink Partners upgraded Summit Therapeutics from an “underperform” rating to a “market perform” rating and increased their price target for the stock from $12.00 to $13.00 in a report on Wednesday, August 12th. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of Summit Therapeutics in a report on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Summit Therapeutics has an average rating of “Moderate Buy” and an average price target of $28.61.

Summit Therapeutics Price Performance

The business has a 50 day simple moving average of $16.47 and a 200 day simple moving average of $16.15. The company has a market capitalization of $12.05 billion, a price-to-earnings ratio of -14.08 and a beta of -1.49.

Hedge Funds Weigh In On Summit Therapeutics

Hedge funds have recently bought and sold shares of the company. Xcelsior Advisor Partners LLC boosted its position in Summit Therapeutics by 199.7% in the 3rd quarter. Xcelsior Advisor Partners LLC now owns 53,874 shares of the company’s stock valued at $911,000 after buying an additional 35,899 shares during the period. Ieq Capital LLC acquired a new position in shares of Summit Therapeutics in the third quarter worth $1,179,000. Z3 Capital Partners LLC purchased a new stake in shares of Summit Therapeutics during the third quarter worth $618,000. Global Retirement Partners LLC increased its position in shares of Summit Therapeutics by 200.0% during the third quarter. Global Retirement Partners LLC now owns 2,058 shares of the company’s stock worth $35,000 after acquiring an additional 1,372 shares during the period. Finally, Rothschild Investment LLC increased its position in shares of Summit Therapeutics by 25,764.3% during the third quarter. Rothschild Investment LLC now owns 3,621 shares of the company’s stock worth $61,000 after acquiring an additional 3,607 shares during the period. Institutional investors and hedge funds own 4.61% of the company’s stock.

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.