Summit Therapeutics (NASDAQ:SMMT) Shares Gap Down to $6.48

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $6.48, but opened at $5.45. Summit Therapeutics shares last traded at $5.21, with a volume of 15,715 shares changing hands.

Separately, Zacks Investment Research downgraded shares of Summit Therapeutics from a “hold” rating to a “sell” rating in a research report on Thursday, August 19th.

The stock has a market capitalization of $510.28 million, a P/E ratio of -5.16 and a beta of 0.65. The company’s 50-day moving average is $7.41 and its two-hundred day moving average is $6.84.

Summit Therapeutics (NASDAQ:SMMT) last released its quarterly earnings results on Wednesday, August 11th. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.09). Summit Therapeutics had a negative return on equity of 96.34% and a negative net margin of 350.72%. On average, research analysts predict that Summit Therapeutics Inc. will post -1.06 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the business. Wells Fargo & Company MN raised its position in shares of Summit Therapeutics by 3.4% during the 2nd quarter. Wells Fargo & Company MN now owns 53,165 shares of the company’s stock worth $397,000 after buying an additional 1,765 shares in the last quarter. Morgan Stanley raised its position in shares of Summit Therapeutics by 1.1% during the 2nd quarter. Morgan Stanley now owns 217,537 shares of the company’s stock worth $1,623,000 after buying an additional 2,353 shares in the last quarter. Levin Capital Strategies L.P. raised its position in shares of Summit Therapeutics by 15.7% during the 2nd quarter. Levin Capital Strategies L.P. now owns 38,762 shares of the company’s stock worth $289,000 after buying an additional 5,262 shares in the last quarter. Advisor Group Holdings Inc. bought a new stake in shares of Summit Therapeutics during the 2nd quarter worth about $44,000. Finally, State of Wisconsin Investment Board bought a new stake in shares of Summit Therapeutics in the 2nd quarter worth approximately $79,000. Institutional investors own 11.39% of the company’s stock.

About Summit Therapeutics (NASDAQ:SMMT)

Summit Therapeutics Inc, a biopharmaceutical company, discovers, develops, and commercializes medicines to treat infectious diseases in the United States, Latin America, and Europe. It conducts clinical programs focusing on the Clostridioides difficile infection (CDI). The company's lead product candidate is ridinilazole, an orally administered small molecule antibiotic that is in Phase III clinical trials for the treatment of CDI.

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