Summit Therapeutics (NASDAQ:SMMT) Shares Gap Down – What’s Next?

Summit Therapeutics PLC (NASDAQ:SMMT)’s share price gapped down before the market opened on Friday . The stock had previously closed at $21.46, but opened at $16.02. Summit Therapeutics shares last traded at $15.8410, with a volume of 3,895,316 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Piper Sandler set a $16.00 price objective on shares of Summit Therapeutics in a research report on Friday. Jefferies Financial Group lowered shares of Summit Therapeutics from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $42.00 to $15.00 in a report on Monday, March 16th. Truist Financial raised Summit Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Citigroup began coverage on Summit Therapeutics in a research report on Wednesday, April 8th. They issued a “buy” rating for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Summit Therapeutics in a research report on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Summit Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $29.15.

Summit Therapeutics Stock Down 23.0%

The stock’s fifty day simple moving average is $18.43 and its two-hundred day simple moving average is $17.87. The firm has a market cap of $12.83 billion, a PE ratio of -11.41 and a beta of -1.36.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Monday, February 23rd. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.07). On average, equities research analysts anticipate that Summit Therapeutics PLC will post -1.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds have recently added to or reduced their stakes in SMMT. Kestra Advisory Services LLC purchased a new stake in shares of Summit Therapeutics in the fourth quarter worth $28,000. Crowley Wealth Management Inc. raised its position in shares of Summit Therapeutics by 66.7% in the 3rd quarter. Crowley Wealth Management Inc. now owns 1,500 shares of the company’s stock worth $31,000 after purchasing an additional 600 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in Summit Therapeutics by 2,654.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,873 shares of the company’s stock worth $33,000 after purchasing an additional 1,805 shares in the last quarter. Parallel Advisors LLC bought a new position in Summit Therapeutics in the 3rd quarter worth about $39,000. Finally, Truvestments Capital LLC grew its position in Summit Therapeutics by 200.2% during the 4th quarter. Truvestments Capital LLC now owns 2,603 shares of the company’s stock valued at $46,000 after purchasing an additional 1,736 shares during the last quarter. 4.61% of the stock is owned by institutional investors.

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.