Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 5.8% – Should You Sell?

Summit Therapeutics PLC (NASDAQ:SMMT) was down 5.8% on Monday . The stock traded as low as $16.84 and last traded at $16.82. Approximately 1,773,826 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 4,351,704 shares. The stock had previously closed at $17.85.

Analyst Ratings Changes

SMMT has been the subject of a number of recent analyst reports. Jefferies Financial Group set a $15.00 price objective on Summit Therapeutics in a report on Friday, July 24th. Leerink Partners upgraded Summit Therapeutics from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $12.00 to $13.00 in a research note on Wednesday, August 12th. Wall Street Zen upgraded Summit Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, September 5th. Cantor Fitzgerald reissued an “overweight” rating on shares of Summit Therapeutics in a research note on Tuesday, September 1st. Finally, Summit Redstone set a $25.00 price target on shares of Summit Therapeutics in a report on Wednesday, September 9th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Summit Therapeutics currently has an average rating of “Hold” and an average target price of $25.91.

Summit Therapeutics Stock Performance

The firm has a market capitalization of $13.40 billion, a PE ratio of -15.00 and a beta of -1.24. The company has a fifty day simple moving average of $14.71 and a two-hundred day simple moving average of $16.29.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings results on Thursday, July 23rd. The company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.01). On average, equities analysts anticipate that Summit Therapeutics PLC will post -1.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Summit Therapeutics

Several hedge funds have recently modified their holdings of the business. Tidal Investments LLC boosted its stake 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 purchasing an additional 783 shares in the last quarter. Engineers Gate Manager LP bought a new position in Summit Therapeutics in the second quarter worth approximately $989,000. Nykredit A S purchased a new stake in Summit Therapeutics during the second quarter worth $111,000. AXQ Capital LP lifted its holdings in Summit Therapeutics by 98.1% during the second quarter. AXQ Capital LP now owns 93,624 shares of the company’s stock worth $1,364,000 after buying an additional 46,356 shares during the period. Finally, Two Sigma Securities LLC bought a new stake in Summit Therapeutics during the 2nd quarter valued at $182,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

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.