Summit Therapeutics (NASDAQ:SMMT) Stock Falls 6% – Time to Sell?

Summit Therapeutics PLC (NASDAQ:SMMT)’s share price fell 6% during trading on Wednesday. The company traded as low as $16.87 and last traded at $16.7620. 741,840 shares changed hands 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 firms have recently weighed in on SMMT. Leerink Partners raised Summit Therapeutics from an “underperform” rating to a “market perform” rating and upped their price objective for the stock from $12.00 to $13.00 in a research report on Wednesday, August 12th. The Goldman Sachs Group set a $41.00 target price on Summit Therapeutics and gave the company a “buy” rating in a research note on Tuesday, September 29th. Citigroup restated a “market outperform” rating on shares of Summit Therapeutics in a research note on Tuesday, October 27th. Wall Street Zen raised Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, September 5th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Summit Therapeutics in a research note on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Summit Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $28.61.

Summit Therapeutics Price Performance

The business has a 50-day moving average of $16.41 and a 200-day moving average of $16.15. The firm has a market cap of $13.52 billion, a price-to-earnings ratio of -15.84 and a beta of -1.49.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SMMT. BlackRock Inc. acquired a new stake in shares of Summit Therapeutics in the 2nd quarter valued at approximately $138,838,000. Candriam S.C.A. increased its holdings in Summit Therapeutics by 212.3% during the third quarter. Candriam S.C.A. now owns 1,662,969 shares of the company’s stock worth $28,224,000 after buying an additional 1,130,537 shares during the last quarter. Bank of America Corp DE acquired a new position in Summit Therapeutics during the second quarter worth $12,603,000. Simplify Asset Management Inc. bought a new stake in Summit Therapeutics during the third quarter worth $8,626,000. Finally, Elmind Capital LP bought a new stake in Summit Therapeutics during the second quarter worth $7,194,957. 4.61% of the stock is currently owned by institutional investors.

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.