Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 7% – Should You Sell?

Summit Therapeutics PLC (NASDAQ:SMMT) shares were down 7% during trading on Tuesday . The stock traded as low as $17.36 and last traded at $17.1370. 2,683,051 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 4,281,030 shares. The stock had previously closed at $18.42.

Wall Street Analysts Forecast Growth

SMMT has been the subject of several analyst reports. KeyCorp restated an “overweight” rating on shares of Summit Therapeutics in a report on Monday, June 1st. Wall Street Zen raised Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, September 5th. HC Wainwright reiterated a “neutral” rating on shares of Summit Therapeutics in a research report on Thursday, September 3rd. 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 target price on shares of Summit Therapeutics in a report on Wednesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Summit Therapeutics currently has an average rating of “Hold” and an average price target of $25.91.

Summit Therapeutics Stock Performance

The firm has a market capitalization of $13.92 billion, a PE ratio of -15.55 and a beta of -1.24. The stock’s 50-day simple moving average is $14.55 and its 200-day simple moving average is $16.25.

Summit Therapeutics (NASDAQ:SMMT) last posted its 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). As a group, analysts predict that Summit Therapeutics PLC will post -1.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Summit Therapeutics during the second quarter valued at approximately $138,838,000. Baker BROS. Advisors LP lifted its holdings in shares of Summit Therapeutics by 7.9% during the fourth quarter. Baker BROS. Advisors LP now owns 36,391,063 shares of the company’s stock valued at $636,480,000 after purchasing an additional 2,668,089 shares during the last quarter. Norges Bank bought a new stake in shares of Summit Therapeutics in the 4th quarter worth approximately $24,030,000. Bank of America Corp DE bought a new stake in shares of Summit Therapeutics in the 2nd quarter worth approximately $12,603,000. Finally, TD Asset Management Inc grew its stake in shares of Summit Therapeutics by 124.2% in the 4th quarter. TD Asset Management Inc now owns 1,205,272 shares of the company’s stock worth $21,080,000 after buying an additional 667,742 shares during the last quarter. Hedge funds and other institutional investors own 4.61% of the company’s stock.

Summit Therapeutics Company Profile

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.