Summit Therapeutics (NASDAQ:SMMT) Trading Down 7% – Here’s Why

Summit Therapeutics PLC (NASDAQ:SMMT) shares were down 7% during trading on Tuesday . The stock traded as low as $17.36 and last traded at $17.1370. 2,683,051 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 4,281,030 shares. The stock had previously closed at $18.42.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Sanford C. Bernstein upgraded Summit Therapeutics from an “underperform” rating to a “market perform” rating and raised their price objective for the stock from $9.80 to $11.90 in a research note on Tuesday, August 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Friday, July 17th. Wall Street Zen raised shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, September 5th. KeyCorp restated an “overweight” rating on shares of Summit Therapeutics in a research report on Monday, June 1st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a report on Tuesday, September 1st. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Summit Therapeutics presently has an average rating of “Hold” and a consensus target price of $25.91.

Summit Therapeutics Trading Up 3.3%

The firm has a market cap of $14.25 billion, a price-to-earnings ratio of -15.81 and a beta of -1.24. The stock has a 50-day moving average of $14.61 and a 200-day moving average of $16.27.

Summit Therapeutics (NASDAQ:SMMT) last issued its earnings results on Thursday, July 23rd. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). As a group, research analysts expect that Summit Therapeutics PLC will post -1.2 earnings per share for the current fiscal year.

Institutional Trading of Summit Therapeutics

A number of large investors have recently modified their holdings of SMMT. Fifth Third Bancorp boosted its holdings in shares of Summit Therapeutics by 24.4% in the first quarter. Fifth Third Bancorp now owns 3,732 shares of the company’s stock worth $71,000 after buying an additional 732 shares during the period. Tidal Investments LLC raised its holdings in shares of Summit Therapeutics by 0.7% during the second quarter. Tidal Investments LLC now owns 121,097 shares of the company’s stock valued at $1,764,000 after acquiring an additional 783 shares during the period. Ball & Co Wealth Management Inc. purchased a new stake in shares of Summit Therapeutics in the 1st quarter valued at approximately $28,000. Tema ETFs LLC boosted its stake in Summit Therapeutics by 1.3% in the 2nd quarter. Tema ETFs LLC now owns 121,097 shares of the company’s stock worth $1,764,000 after purchasing an additional 1,566 shares during the period. Finally, Parallel Advisors LLC grew its position in Summit Therapeutics by 4,178.0% during the 1st quarter. Parallel Advisors LLC now owns 2,139 shares of the company’s stock worth $41,000 after purchasing an additional 2,089 shares in the last quarter. Institutional investors and hedge funds own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

Summit Therapeutics plc is a clinical-stage biopharmaceutical company focused on developing innovative medicines for the treatment of cancer. The company’s lead program is ivonescimab, an investigational bispecific antibody designed to combine immune checkpoint inhibition against PD-1 with selective inhibition of vascular endothelial growth factor A (VEGF-A). Summit is evaluating ivonescimab in clinical studies involving patients with non-small cell lung cancer and other solid tumors.

Summit has entered into a licensing and collaboration agreement with Akeso, a biotechnology company that discovered and developed ivonescimab.