Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 7.5% – Time to Sell?

Summit Therapeutics PLC (NASDAQ:SMMT)’s share price fell 7.5% during mid-day trading on Monday. The stock traded as low as $15.30 and last traded at $14.8340. 620,476 shares changed hands during trading, a decline of 87% from the average daily volume of 4,607,229 shares. The stock had previously closed at $16.03.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. The Goldman Sachs Group set a $41.00 target price on shares of Summit Therapeutics and gave the stock a “buy” rating in a research report on Tuesday, September 29th. Sanford C. Bernstein reiterated a “market perform” rating on shares of Summit Therapeutics in a report on Monday, October 5th. Summit Redstone set a $25.00 price target on Summit Therapeutics in a report on Wednesday, September 9th. Citigroup reiterated a “market outperform” rating on shares of Summit Therapeutics in a report on Tuesday, October 27th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Summit Therapeutics in a report on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.61.

Summit Therapeutics Stock Down 6.8%

The company has a market cap of $11.95 billion, a PE ratio of -13.33 and a beta of -1.49. The firm’s fifty day simple moving average is $16.06 and its 200-day simple moving average is $16.18.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Ball & Co Wealth Management Inc. purchased a new position in Summit Therapeutics in the 1st quarter valued at about $28,000. IFP Advisors Inc raised its stake in Summit Therapeutics by 792.3% during the 3rd quarter. IFP Advisors Inc now owns 1,508 shares of the company’s stock valued at $26,000 after acquiring an additional 1,339 shares in the last quarter. Toth Financial Advisory Corp bought a new position in shares of Summit Therapeutics in the third quarter valued at approximately $30,000. CX Institutional raised its position in Summit Therapeutics by 244.8% in the third quarter. CX Institutional now owns 2,038 shares of the company’s stock worth $34,000 after acquiring an additional 1,447 shares in the last quarter. Finally, Parallel Advisors LLC boosted its stake in shares of 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 acquiring an additional 2,089 shares in the last quarter. 4.61% of the stock is owned by hedge funds and other institutional investors.

About Summit Therapeutics

Summit Therapeutics Inc is a biopharmaceutical company focused on developing and commercializing innovative medicines for the treatment of cancer. The company’s primary focus is oncology, with an emphasis on therapies designed to improve outcomes for patients with serious diseases.

Summit’s lead product candidate is ivonescimab, a bispecific antibody that is designed to combine immune checkpoint inhibition against PD-1 with anti-angiogenic activity targeting VEGF. The company is advancing ivonescimab in clinical studies for non-small cell lung cancer and is evaluating the therapy in combination with other cancer treatments and across additional treatment settings.

Summit holds exclusive rights to develop and commercialize ivonescimab in markets outside China through a licensing and collaboration agreement with Akeso, a China-based biopharmaceutical company.