Summit Therapeutics (NASDAQ:SMMT) Shares Gap Down – Here’s What Happened

Summit Therapeutics Inc. (NASDAQ:SMMT)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $36.70, but opened at $34.48. Summit Therapeutics shares last traded at $34.42, with a volume of 1,841,751 shares.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group started coverage on Summit Therapeutics in a research report on Friday, February 28th. They set a “buy” rating and a $42.00 target price on the stock. StockNews.com upgraded shares of Summit Therapeutics from a “sell” rating to a “hold” rating in a research note on Wednesday, March 5th. Truist Financial initiated coverage on shares of Summit Therapeutics in a research report on Wednesday, January 8th. They set a “buy” rating and a $35.00 price objective for the company. Summit Redstone set a $35.00 target price on shares of Summit Therapeutics in a research report on Wednesday, March 26th. Finally, Citigroup raised shares of Summit Therapeutics from a “neutral” rating to a “buy” rating and boosted their price target for the company from $23.00 to $35.00 in a research report on Wednesday, March 26th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.70.

Summit Therapeutics Price Performance

The business’s 50 day simple moving average is $20.95 and its 200 day simple moving average is $20.14. The company has a market capitalization of $17.31 billion, a price-to-earnings ratio of -83.82 and a beta of -0.46.

Summit Therapeutics (NASDAQ:SMMT) last released its earnings results on Monday, February 24th. The company reported ($0.08) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.08). The company had revenue of $0.20 million during the quarter. As a group, analysts expect that Summit Therapeutics Inc. will post -0.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Summit Therapeutics

Large investors have recently bought and sold shares of the company. Virtu Financial LLC acquired a new position in shares of Summit Therapeutics during the third quarter worth about $925,000. Franklin Resources Inc. purchased a new position in shares of Summit Therapeutics during the 3rd quarter worth approximately $2,091,000. Principal Financial Group Inc. lifted its holdings in shares of Summit Therapeutics by 60.9% in the 3rd quarter. Principal Financial Group Inc. now owns 58,147 shares of the company’s stock valued at $1,273,000 after buying an additional 22,014 shares during the period. SeaCrest Wealth Management LLC acquired a new stake in shares of Summit Therapeutics in the 4th quarter valued at approximately $444,000. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of Summit Therapeutics in the fourth quarter valued at approximately $229,000. Hedge funds and other institutional investors own 4.61% of the company’s stock.

About Summit Therapeutics

Summit Therapeutics Inc, a biopharmaceutical company, focuses on discovery, development, and commercialization of patient, physician, caregiver, and societal friendly medicinal therapies in the United States, and the United Kingdom. The company’s lead development candidate is Ivonescimab, a bispecific antibody for immunotherapy through blockade of PD-1 with the anti-angiogenesis; and anti-infectives portfolio includes SMT-738, a novel class of precision antibiotics for the treatment of multidrug resistant infections, which primarily includes carbapenem-resistant Enterobacteriaceae infections.