Summit Therapeutics (NASDAQ:SMMT) Shares Down 10.4% - Here's What Happened

On Wednesday, shares of Summit Therapeutics Inc. (NASDAQ:SMMT) experienced a notable decline of 10.4%, trading as low as $19.51 before closing at $19.55. During the trading session, 202,951 shares exchanged hands, representing a significant drop of 94% compared to the average trading volume of 3,657,597 shares. The stock had previously closed at $21.83.

Analyst Ratings Changes

Analysts have provided various commentary on the performance of SMMT shares. For instance, HC Wainwright maintained a "buy" rating, adjusting the target price to $45.00 in a research note issued on October 4. Similarly, Stifel Nicolaus raised their price objective from $25.00 to $40.00 while also rating the stock as a "buy" on September 25. Meanwhile, Citigroup revised its rating from "buy" to "neutral," increasing their price target for the stock from $19.00 to $23.00 on September 27.

Summit Therapeutics Trading Down 10.9%

The current market capitalization of Summit Therapeutics stands at $14.10 billion, with a negative price-to-earnings ratio of -85.00 and a beta of -0.97. The company's 50-day simple moving average is recorded at $19.63, whereas its 200-day simple moving average is at $11.66.

Summit Therapeutics published its latest earnings results on August 6, revealing an earnings-per-share (EPS) of ($0.05), which surpassed analysts' consensus estimates of ($0.06) by $0.01. Analysts predict that Summit Therapeutics will report an EPS of -$0.27 for the current year.

Hedge Funds Weigh In On Summit Therapeutics

Several institutional investors have recently adjusted their stakes in Summit Therapeutics. Russell Investments Group Ltd. enhanced its holdings by 142.2% during the first quarter, now owning 6,096 shares worth approximately $25,000 after acquiring 3,579 additional shares. In the third quarter, Willis Investment Counsel obtained a new shareholding in the company valued at roughly $219,000. Fullcircle Wealth LLC also bought new stakes in Summit Therapeutics worth about $95,000 in the second quarter. In the third quarter, World Equity Group Inc. increased its stake by 16.1%, now holding 14,842 shares valued at around $325,000 after purchasing 2,063 more shares. Lastly, XTX Topco Ltd. acquired a new investment in the company worth about $121,000. Overall, institutional investors currently own about 4.61% of Summit Therapeutics stock.

About Summit Therapeutics

Summit Therapeutics Inc. is a biopharmaceutical firm dedicated to discovering, developing, and commercializing therapies that benefit patients, physicians, caregivers, and society as a whole. The company operates primarily in the United States and the United Kingdom. Summit's leading development candidate is Ivonescimab, a bispecific antibody used in immunotherapy, alongside its range of anti-infective treatments, such as SMT-738—a pioneering class of precision antibiotics designed to combat multidrug-resistant infections, particularly those stemming from carbapenem-resistant Enterobacteriaceae.

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