Why Summit Therapeutics Stock Tanked Today
An analyst's downbeat new take on Summit Therapeutics (NASDAQ: SMMT) pushed its stock downward on Hump Day. At the end of Wednesday, the shares had booked a loss of over 11% in price as investors absorbed the negative take. That was a far steeper fall than the 0.3% slide of the S 500 (SNPINDEX: ^GSPC) that trading session.
Well before market open that day, Leerink Partners' Daina Graybosch initiated coverage on Summit stock. This wasn't a positive appraisal, as the analyst flagged it with an underperform (read: sell) recommendation and a price target of $12 per share. That level is nearly 40% below Summit's most recent closing price.
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Source Fool.com
