Summit Therapeutics (NASDAQ:SMMT) Shares Gap Down – Here’s What Happened

Summit Therapeutics PLC (NASDAQ:SMMT)’s share price gapped down before the market opened on Friday . The stock had previously closed at $17.47, but opened at $16.48. Summit Therapeutics shares last traded at $16.5150, with a volume of 1,672,830 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a report on Tuesday, April 21st. Truist Financial upgraded Summit Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Zacks Research upgraded Summit Therapeutics from a “strong sell” rating to a “hold” rating in a report on Thursday, March 5th. Wall Street Zen downgraded Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Monday. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Summit Therapeutics in a report on Friday. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Summit Therapeutics currently has a consensus rating of “Hold” and an average target price of $26.05.

Summit Therapeutics Stock Performance

The stock has a market capitalization of $13.07 billion, a P/E ratio of -10.54 and a beta of -1.25. The stock has a 50 day moving average of $18.91 and a 200 day moving average of $17.61.

Summit Therapeutics (NASDAQ:SMMT) last issued its quarterly earnings data on Thursday, April 30th. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. On average, research analysts anticipate that Summit Therapeutics PLC will post -1.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Tudor Investment Corp ET AL acquired a new position in Summit Therapeutics during the third quarter valued at $7,174,000. Vanguard Group Inc. raised its position in Summit Therapeutics by 31.2% during the third 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. WINTON GROUP Ltd acquired a new position in Summit Therapeutics during the third quarter valued at $1,341,000. Assenagon Asset Management S.A. acquired a new position in Summit Therapeutics during the fourth quarter valued at $1,043,000. Finally, Skandinaviska Enskilda Banken AB publ raised its position in Summit Therapeutics by 409.2% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 338,363 shares of the company’s stock valued at $6,991,000 after buying an additional 271,912 shares during the period. 4.61% of the stock is owned by institutional investors and hedge funds.

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.