Summit Therapeutics (NASDAQ:SMMT) Hits New 52-Week Low – Time to Sell?

Summit Therapeutics PLC (NASDAQ:SMMT)’s stock price reached a new 52-week low during trading on Wednesday . The stock traded as low as $15.51 and last traded at $15.5090, with a volume of 907743 shares. The stock had previously closed at $15.90.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SMMT. JMP Securities reissued a “market outperform” rating and set a $40.00 price objective on shares of Summit Therapeutics in a research note on Monday, October 20th. Guggenheim restated a “buy” rating and set a $40.00 target price on shares of Summit Therapeutics in a report on Wednesday, October 22nd. Piper Sandler set a $40.00 target price on Summit Therapeutics in a report on Wednesday, January 14th. HC Wainwright reissued a “buy” rating on shares of Summit Therapeutics in a research report on Wednesday, January 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $33.08.

Summit Therapeutics Trading Down 1.6%

The firm has a 50 day moving average price of $17.57 and a 200-day moving average price of $20.82. The firm has a market cap of $12.06 billion, a price-to-earnings ratio of -12.61 and a beta of -1.51.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Summit Therapeutics by 31.2% during the 3rd quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock valued at $235,105,000 after buying an additional 2,706,056 shares during the period. Norges Bank acquired a new stake in shares of Summit Therapeutics during the 2nd quarter worth approximately $29,576,000. APEIRON CAPITAL Ltd lifted its stake in Summit Therapeutics by 9.2% in the third quarter. APEIRON CAPITAL Ltd now owns 1,310,941 shares of the company’s stock valued at $27,084,000 after buying an additional 110,000 shares during the last quarter. Fiera Capital Corp acquired a new position in Summit Therapeutics during the 2nd quarter valued at about $16,659,000. Finally, Bank of America Corp DE boosted its position in shares of Summit Therapeutics by 16.1% during the third quarter. Bank of America Corp DE now owns 657,313 shares of the company’s stock worth $13,580,000 after buying an additional 91,166 shares during the period. 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.