Summit Therapeutics (NASDAQ:SMMT) Stock Price Down 6% – Time to Sell?

Shares of Summit Therapeutics PLC (NASDAQ:SMMT) dropped 6% on Monday . The company traded as low as $13.91 and last traded at $13.8850. Approximately 3,225,443 shares traded hands during trading, a decline of 11% from the average daily volume of 3,613,418 shares. The stock had previously closed at $14.77.

Analyst Upgrades and Downgrades

SMMT has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Summit Therapeutics in a report on Tuesday, April 21st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Summit Therapeutics in a report on Friday, May 22nd. Wall Street Zen lowered Summit Therapeutics from a “hold” rating to a “sell” rating in a report on Monday, May 18th. Citigroup initiated coverage on Summit Therapeutics in a report on Wednesday, April 8th. They set a “buy” rating for the company. Finally, Jefferies Financial Group lowered Summit Therapeutics from a “buy” rating to a “hold” rating and reduced their target price for the company from $42.00 to $15.00 in a report on Monday, March 16th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $26.05.

Summit Therapeutics Stock Performance

The stock has a 50-day moving average price of $18.96 and a 200-day moving average price of $17.46. The stock has a market cap of $10.95 billion, a P/E ratio of -8.82 and a beta of -1.32.

Summit Therapeutics (NASDAQ:SMMT) last announced its quarterly earnings data on Friday, May 1st. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.03. Sell-side analysts forecast that Summit Therapeutics PLC will post -1.18 earnings per share for the current fiscal year.

Insider Activity

In other Summit Therapeutics news, CEO Mahkam Zanganeh bought 100,000 shares of Summit Therapeutics stock in a transaction dated Thursday, June 4th. The shares were purchased at an average cost of $14.60 per share, with a total value of $1,460,000.00. Following the completion of the purchase, the chief executive officer owned 25,824,474 shares of the company’s stock, valued at approximately $377,037,320.40. This represents a 0.39% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert W. Duggan bought 100,000 shares of Summit Therapeutics stock in a transaction dated Thursday, June 4th. The shares were acquired at an average cost of $14.60 per share, for a total transaction of $1,460,000.00. Following the completion of the purchase, the chief executive officer directly owned 25,824,474 shares of the company’s stock, valued at approximately $377,037,320.40. This trade represents a 0.39% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have acquired 250,000 shares of company stock valued at $3,642,500. Company insiders own 83.50% of the company’s stock.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds have recently made changes to their positions in SMMT. Tudor Investment Corp ET AL purchased a new stake in Summit Therapeutics in the third quarter worth $7,174,000. Vanguard Group Inc. grew its stake in Summit Therapeutics by 31.2% in the third quarter. Vanguard Group Inc. now owns 11,379,728 shares of the company’s stock worth $235,105,000 after purchasing an additional 2,706,056 shares during the period. WINTON GROUP Ltd purchased a new stake in Summit Therapeutics in the third quarter worth $1,341,000. Assenagon Asset Management S.A. purchased a new stake in Summit Therapeutics in the fourth quarter worth $1,043,000. Finally, Skandinaviska Enskilda Banken AB publ grew its stake in Summit Therapeutics by 409.2% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 338,363 shares of the company’s stock worth $6,991,000 after purchasing an additional 271,912 shares during the period. 4.61% of the stock is owned by hedge funds and other institutional investors.

About Summit Therapeutics

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.