Summit Therapeutics (NASDAQ:SMMT) Reaches New 12-Month Low – Should You Sell?

Summit Therapeutics PLC (NASDAQ:SMMT) hit a new 52-week low on Tuesday . The stock traded as low as $14.03 and last traded at $14.06, with a volume of 2725202 shares trading hands. The stock had previously closed at $14.48.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Zacks Research upgraded Summit Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Citizens Jmp reaffirmed a “market outperform” rating and set a $40.00 price objective on shares of Summit Therapeutics in a report on Friday. Piper Sandler set a $40.00 target price on shares of Summit Therapeutics in a report on Wednesday, January 14th. Wolfe Research initiated coverage on shares of Summit Therapeutics in a research report on Tuesday, November 18th. They set a “peer perform” rating on the stock. Finally, Guggenheim reiterated a “buy” rating and issued a $40.00 price objective on shares of Summit Therapeutics in a research note on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $33.62.

Summit Therapeutics Price Performance

The firm has a market cap of $10.84 billion, a PE ratio of -11.34 and a beta of -1.44. The business’s fifty day moving average is $17.42 and its 200-day moving average is $20.50.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Ball & Co Wealth Management Inc. purchased a new stake in Summit Therapeutics in the 2nd quarter worth about $31,000. Crowley Wealth Management Inc. boosted its position in Summit Therapeutics by 66.7% during the third 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 period. SBI Securities Co. Ltd. boosted its position in Summit Therapeutics by 34.1% during the second quarter. SBI Securities Co. Ltd. now owns 1,756 shares of the company’s stock worth $37,000 after purchasing an additional 447 shares during the period. Parallel Advisors LLC purchased a new position in shares of Summit Therapeutics in the third quarter worth about $39,000. Finally, PNC Financial Services Group Inc. raised its position in shares of Summit Therapeutics by 325.5% in the second quarter. PNC Financial Services Group Inc. now owns 2,638 shares of the company’s stock valued at $56,000 after purchasing an additional 2,018 shares during the period. 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 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.