Summit Therapeutics (NASDAQ:SMMT) Shares Down 4.4% – Here’s Why

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) were down 4.4% on Tuesday . The stock traded as low as $17.74 and last traded at $17.8050. Approximately 666,961 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 3,656,447 shares. The stock had previously closed at $18.63.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SMMT. Piper Sandler began coverage on Summit Therapeutics in a research report on Monday, August 18th. They set a “neutral” rating and a $21.00 target price for the company. Zacks Research upgraded shares of Summit Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. Guggenheim reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research report on Wednesday, October 22nd. Wolfe Research assumed coverage on shares of Summit Therapeutics in a research note on Tuesday, November 18th. They issued a “peer perform” rating on the stock. Finally, JMP Securities reissued a “market outperform” rating and set a $40.00 target price on shares of Summit Therapeutics in a research report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have assigned a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Summit Therapeutics has a consensus rating of “Hold” and a consensus price target of $31.14.

Summit Therapeutics Stock Down 7.2%

The company has a market capitalization of $13.34 billion, a PE ratio of -14.01 and a beta of -1.52. The company has a 50-day moving average price of $19.20 and a two-hundred day moving average price of $21.94.

Summit Therapeutics (NASDAQ:SMMT) last posted its earnings results on Monday, October 20th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.17). As a group, equities analysts anticipate that Summit Therapeutics PLC will post -0.3 EPS for the current fiscal year.

Insider Transactions at Summit Therapeutics

In related news, Director Yu Xia bought 533,617 shares of the company’s stock in a transaction dated Tuesday, October 21st. The stock was purchased at an average cost of $18.74 per share, with a total value of $9,999,982.58. Following the transaction, the director owned 32,057,147 shares in the company, valued at approximately $600,750,934.78. This trade represents a 1.69% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert W. Duggan acquired 26,680 shares of Summit Therapeutics stock in a transaction that occurred on Tuesday, October 21st. The shares were bought at an average cost of $18.74 per share, with a total value of $499,983.20. Following the transaction, the chief executive officer owned 76,680 shares in the company, valued at $1,436,983.20. This represents a 53.36% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have acquired 1,263,765 shares of company stock worth $22,969,461. 84.90% of the stock is currently owned by insiders.

Institutional Trading of Summit Therapeutics

Institutional investors have recently made changes to their positions in the business. Rockland Trust Co. purchased a new stake in Summit Therapeutics during the second quarter worth $8,512,000. APEIRON CAPITAL Ltd purchased a new position in Summit Therapeutics in the second quarter valued at $25,556,000. Siren L.L.C. acquired a new position in shares of Summit Therapeutics in the first quarter worth about $13,407,000. New York State Common Retirement Fund boosted its stake in shares of Summit Therapeutics by 774.5% during the 2nd quarter. New York State Common Retirement Fund now owns 256,890 shares of the company’s stock worth $5,467,000 after acquiring an additional 227,513 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its stake in shares of Summit Therapeutics by 194.8% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 97,502 shares of the company’s stock worth $2,075,000 after acquiring an additional 64,432 shares in the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company’s lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.