Summit Therapeutics (NASDAQ:SMMT) Stock Falls 7.5% – Time to Sell?

Summit Therapeutics PLC (NASDAQ:SMMT) was down 7.5% during trading on Monday. The company traded as low as $15.30 and last traded at $14.8340. Approximately 620,476 shares were traded during mid-day trading, a decline of 87% from the average session volume of 4,607,229 shares. The stock had previously closed at $16.03.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SMMT. HC Wainwright reaffirmed a “buy” rating on shares of Summit Therapeutics in a report on Thursday, October 15th. Barclays boosted their target price on Summit Therapeutics from $18.00 to $20.00 and gave the company an “equal weight” rating in a report on Thursday, October 1st. UBS Group reaffirmed a “neutral” rating on shares of Summit Therapeutics in a research report on Wednesday, September 23rd. Guggenheim reiterated a “buy” rating on shares of Summit Therapeutics in a research note on Wednesday, August 26th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Summit Therapeutics in a research note on Tuesday, September 22nd. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Summit Therapeutics has an average rating of “Moderate Buy” and an average target price of $28.61.

Summit Therapeutics Stock Up 2.3%

The stock has a fifty day moving average price of $16.15 and a 200-day moving average price of $16.16. The firm has a market cap of $12.93 billion, a price-to-earnings ratio of -14.44 and a beta of -1.49.

Hedge Funds Weigh In On Summit Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of SMMT. BlackRock Inc. acquired a new stake in Summit Therapeutics during the 2nd quarter worth approximately $138,838,000. Candriam S.C.A. raised its holdings in Summit Therapeutics by 212.3% in the third quarter. Candriam S.C.A. now owns 1,662,969 shares of the company’s stock valued at $28,224,000 after buying an additional 1,130,537 shares during the period. Bank of America Corp DE purchased a new position in Summit Therapeutics in the second quarter valued at approximately $12,603,000. The Manufacturers Life Insurance Company lifted its position in Summit Therapeutics by 34.4% during the first quarter. The Manufacturers Life Insurance Company now owns 592,810 shares of the company’s stock valued at $11,240,000 after buying an additional 151,857 shares in the last quarter. Finally, Simplify Asset Management Inc. acquired a new position in Summit Therapeutics during the third quarter valued at approximately $8,626,000. 4.61% of the stock is owned by institutional investors and hedge funds.

About Summit Therapeutics

Summit Therapeutics Inc is a biopharmaceutical company focused on developing and commercializing innovative medicines for the treatment of cancer. The company’s primary focus is oncology, with an emphasis on therapies designed to improve outcomes for patients with serious diseases.

Summit’s lead product candidate is ivonescimab, a bispecific antibody that is designed to combine immune checkpoint inhibition against PD-1 with anti-angiogenic activity targeting VEGF. The company is advancing ivonescimab in clinical studies for non-small cell lung cancer and is evaluating the therapy in combination with other cancer treatments and across additional treatment settings.

Summit holds exclusive rights to develop and commercialize ivonescimab in markets outside China through a licensing and collaboration agreement with Akeso, a China-based biopharmaceutical company.