Summit Therapeutics (NASDAQ:SMMT) Sets New 52-Week Low – What’s Next?

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) reached a new 52-week low during mid-day trading on Wednesday . The company 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 Ratings Changes

A number of equities analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a research note on Thursday, January 22nd. Summit Redstone set a $18.00 target price on Summit Therapeutics in a research report on Wednesday, December 17th. Citizens Jmp reaffirmed a “market outperform” rating and set a $40.00 price target on shares of Summit Therapeutics in a research note on Friday. Barclays raised Summit Therapeutics from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $16.00 to $18.00 in a research note on Wednesday, December 17th. Finally, Wolfe Research assumed coverage on shares of Summit Therapeutics in a research report on Tuesday, November 18th. They set a “peer perform” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $33.62.

Summit Therapeutics Trading Down 6.0%

The stock has a market capitalization of $11.17 billion, a price-to-earnings ratio of -11.68 and a beta of -1.51. The company has a fifty day moving average of $17.50 and a two-hundred day moving average of $20.67.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Summit Therapeutics by 31.2% in 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 during the period. Norges Bank bought a new position in shares of Summit Therapeutics in the second quarter worth about $29,576,000. APEIRON CAPITAL Ltd acquired a new position in shares of Summit Therapeutics during the 2nd quarter worth about $25,556,000. Fiera Capital Corp acquired a new position in shares of Summit Therapeutics during the 2nd quarter worth about $16,659,000. Finally, Capricorn Fund Managers Ltd acquired a new stake in Summit Therapeutics in the 3rd quarter valued at approximately $10,253,000. 4.61% of the stock is currently owned by institutional investors and hedge funds.

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.