Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 13.4% – What’s Next?

Summit Therapeutics PLC (NASDAQ:SMMT) shares traded down 13.4% on Monday . The stock traded as low as $17.71 and last traded at $17.0340. 707,740 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 2,208,154 shares. The stock had previously closed at $19.68.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Zacks Research raised shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. Summit Redstone set a $18.00 price target on Summit Therapeutics in a report on Wednesday, December 17th. Guggenheim restated a “buy” rating and issued a $40.00 price target on shares of Summit Therapeutics in a research report on Wednesday, October 22nd. Wolfe Research assumed coverage on Summit Therapeutics in a research note on Tuesday, November 18th. They issued a “peer perform” rating on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Summit Therapeutics in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $31.50.

Summit Therapeutics Stock Performance

The firm has a market capitalization of $13.14 billion, a price-to-earnings ratio of -13.74 and a beta of -1.51. The business has a fifty day moving average price of $17.86 and a 200 day moving average price of $21.35.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings data on Monday, October 20th. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.17). On average, analysts expect that Summit Therapeutics PLC will post -0.3 earnings per share for the current year.

Insider Transactions at Summit Therapeutics

In other Summit Therapeutics news, Director Yu Xia acquired 533,617 shares of the company’s stock in a transaction dated Tuesday, October 21st. The stock was bought at an average price of $18.74 per share, with a total value of $9,999,982.58. Following the completion of the transaction, the director directly owned 32,057,147 shares of the company’s stock, valued at approximately $600,750,934.78. The trade was a 1.69% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert W. Duggan bought 26,680 shares of Summit Therapeutics stock in a transaction that occurred on Tuesday, October 21st. The shares were acquired at an average price of $18.74 per share, for a total transaction of $499,983.20. Following the acquisition, the chief executive officer directly owned 76,680 shares in the company, valued at approximately $1,436,983.20. This represents a 53.36% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 586,977 shares of company stock valued at $10,999,949 over the last 90 days. Corporate insiders own 84.90% of the company’s stock.

Institutional Investors Weigh In On Summit Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Summit Therapeutics by 31.2% during the 3rd quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock worth $235,105,000 after acquiring an additional 2,706,056 shares in the last quarter. Norges Bank acquired a new stake in Summit Therapeutics during the 2nd quarter valued at $29,576,000. APEIRON CAPITAL Ltd acquired a new stake in Summit Therapeutics during the 2nd quarter valued at $25,556,000. Fiera Capital Corp purchased a new stake in Summit Therapeutics during the 2nd quarter worth $16,659,000. Finally, Capricorn Fund Managers Ltd acquired a new position in Summit Therapeutics in the 3rd quarter worth $10,253,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

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.